More buyers than sellers, consistent headline coverage, new announcements: these are just some of the reasons why, despite volatility introduced to the market by a recent Bitfinex hack, the Bitcoin price remains stalwart and should have no problem taking out previous highs within 1,000 days.
Bitcoin has had a hectic year – there can be no doubt about that. But through the peaks and valleys a dedicated contingent has championed its benefits and, every day, curious people looked into Bitcoin for the first time to learn how it might benefit their life. Thus, despite hacks, gut-wrenching price volatility, the currency trading volume remains stalwart because of solid demand. Bitcoin hash rate remains steady and, even on the increase, suggesting continued increased security for the network over time. There are 40% more buyers than sellers in the market.
Bitcoin’s price increases come after a Bitfinex which was devastating for many users of the exchange who lost money. This caused a sudden drop in the price of Bitcoin, which has steadily increased since February.