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article imageBitcoin bubble expands to over $8,200

By Ken Hanly     Nov 20, 2017 in Technology
Rather than bursting, the alleged bitcoin bubble carried on expanding from where it left off on Friday when it broke through the $8,000 mark on one main exchange.
As of Monday afternoon, bitcoin is trading at $8,208 after reaching a peak and new record of $8,261 earlier in the day according to a chart at coindesk. Due to the extreme volatility of bitcoin's price it could be much higher or lower as you read this. You can check it out here.
Bitcoin price rises and falls like a roller-coaster ride
Bitcoin rose in price after a hard fork was avoided as was described in a recent Digital Journal article. The price rose above $7,000 for the first time. The planned doubling of the size of block did not take place. However, the price soon began to tumble again as some sold off bitcoin to invest in bidtcoin cash which unlike bitcoin itself had already enlarged its block size by eight times.
It looked as if bitcoin cash might flourish while bitcoin would slowly die. The price of bitcoin went down as far as $5,800.
This downward trend was soon met by resistance and the price of bitcoin began to recuperate. Bitcoin soon recovered and resumed an upward trend..
Bitcoin hits a new high on the weekend and goes higher today
Bitcoins series of new highs began on Friday as noted in a recent DJ article.
On Sunday, bitcoin prices went above and stayed above the $8,000 dollar mark closing at about $8,036. So far on Monday, the price has increased about $200 hundred dollars more.
Bitcoin cash also has its ups and downs
On November 12th when some were predicting that bitcoin cash could replace bitcoin as the leading cryptocurrency, the price of bitcoin cash reached as high as $1953.
Currently, the price is far down from that at just $1170. Given that at the beginning of November the price was below $500 dollars, those who hold it cannot complain too much.
Where to for bitcoin now?
There are those who think that bitcoin can continue up to $10,000 or more. There are others who think that the price represents a gigantic bubble bound to burst. Socrates said that all we know is that we know nothing. In spite of all the hype for and against bitcoin IMHO we can't really know what will happen. It appears as if volatility will continue but even that could be wrong.
What one can say with some certainty is that buying bitcoin is risky and is perhaps better described as speculation rather than investment. However, no doubt there are some who would disagree even with that. For those who bought the coin early on, what is certain is that they made enormous profit if they sold recently.
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