Today, Bitcoin continued its staccato march skywards, with prices achieving fresh all-time highs above the $12,400 mark and earlier this afternoon threatening $12,500 on some exchanges. And, at the time of writing it was trading just a few hundred dollars shy of the $13,000 threshold. And, the $15,000 level was just a stone's throw away. Indeed, last week online bookmaker Betway was offering odds of 13/8 for the currency to reach a peak value of $15,000-$20,000 by the end of 2018.
Much will depend on the newsflow around Bitcoin and its longer-term prospects will depend on alternatives and how efficient and cost effective they are in terms of exchange and carrying out transactions, according to Siim Õunap, an Estonian who trades the FX and cryptocurrency markets.
Acknowledging that the price moves of late for Bitcoin have been “pretty crazy”, Õunap said: “Bitcoin defies all the trading rules. However, I think it [the price] is going to slow down but not just yet when it comes to the very near future.”
“It went up really fast and it continues to rise, and it will do so for quite some time, but not indefinitely,” he added. “Obviously much depends on news around the currency - as with the CME announcement that it will be trading Bitcoin futures this quarter - which pushed the market quite a bit higher.”
Õunap, who is also the COO of GetGame based in Pärnu, a city in south-western Estonia, noted that “even when there is bad news about Bitcoin, it will affect the price only temporarily.”
By way of background, GetGame, the brainchild of the Estonian who partnered with decentralized exchange OpenLedger in the project, last week (30 November) launched a reservation option for their initial token offering (ITO), supporting their ‘all-in-one’ game development platform run on the blockchain. This is touted as enabling people with great ideas can go to and take their game idea from vision to reality.
For more information visit: https://www.getgame.io/ico-ito