Bitcoin price gained almost $2000 in 12 hours into Tuesday as the virtual currency’s correction gives way to gains and investors reaffirm their faith.
Bitcoin Price Optimism Returns
Volatility has briefly returned to markets post-Christmas, Bitcoin currently circling $15,200 according to Coinmarketcap’s average trading prices, up from $13,680 Monday but coming down from the day’s high of $15,700.
The move has dampened altcoins, with a mixed bag of gains and losses greeting investors today. Civic, which surprised by posting sudden huge advances from $0.70 to as high as $1.68 in the past 24 hours, has now deflated to around $0.87.
Having weathered a new round of bubble accusations last week as prices dipped below $13,000, Bitcoin holders meanwhile are now “more bullish than ever.”
Those are the words of BitGo engineer Jameson Lopp, who led various high-profile supporters voicing their trust in Bitcoin’s future and disregarding its current technical shortcomings.
“I’m more bullish on Bitcoin today than I have been in the past 5 years. The developments underway that have been made public are only the tip of the iceberg,” Lopp wrote on Twitter Christmas Day.
I’m more bullish on Bitcoin today than I have been in the past 5 years. The developments underway that have been made public are only the tip of the iceberg.
— Jameson Lopp (@lopp) December 25, 2017
McAfee: Technical Issues Are ‘Trivial’
Also leading the bull charge was John McAfee, who asserted the current status quo of the Bitcoin network – a key factor behind criticism from Bitcoin Cash (BCash) proponents – was “trivial.”
“I have been a technician all of my life, so if anyone knows, it is me,” he continued. “The world is waiting on consensus for the right solution. Bitcoin is still the only guaranteed investment in the crypto world.”
McAfee added separately that by the end of 2018, Bitcoin would be “ten times” its current price, still conservative within the context of his $1 million 2020 price target.
Technical issues with Bitcoin are trivial, including transaction times and costs. I have been a technician all of my life, so if anyone knows, it is me. The world is waiting on consensus for the right solution. Bitcoin is still the only guaranteed investment in the crypto world.
— John McAfee (@officialmcafee) December 25, 2017
At the same time, the security expert’s recent investment tips for altcoin assets have been roundly lambasted online after his picks “almost fully retraced,” as one commentator described.
What do you think about Bitcoin’s current price activity? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter