News of how bitcoin's price rally is booming is currently sweeping the Internet. As of the moment, the price of bitcoin is currently at almost 50% of where it was in 2017 when the "bitcoin boom" happened. However, Coin Desk reported that, like all things, bitcoin's values have at least normalized, just after peaking above $9000 for the first time in a long time.
The world's main cryptocurrency made its mark, jumping from yesterday's opening at $8,681 and creating a price mark of $9,084. It has been the highest value that bitcoin held since May 10, 2018, according to different reports. However, there was no reason to celebrate, as sellers held their precious bitcoins on the basis of a 'waiting game,' perhaps.
As sellers halted the rally, bitcoin prices adjusted to reveal how much damage had been done. The prices quickly went down $500 to 8,548, after enjoying its previous high. Reports have come in that other traders have been quick to move, though. At least $26.3 billion in bitcoin volume had changed hands.
While many had become wary that bitcoin will eventually level out and plateau, others, like former hedge fund manager-turned-best-selling author James Altucher is not worried. According to The Street, Altucher is saying that his bet--that bitcoin is still well on the way to becoming a $1 million-valued asset--is still bound to happen.
That being said, the author admitted that his timelines may need to adjust a little bit. Altucher started batting for the $! million value back when bitcoin made its first rally in 2017. That time, a single bitcoin can be traded with a value of $11,000. it was also during that time when he publicly called bitcoin out to hit the $1 million mark by the year 2020.
Adjustments have been made and the bitcoin normalized, and Altucher still is convinced that could happen one day. The market trend could prove him right eventually; the last two months had the cryptocurrency market valuing bitcoin from $4,200 to $8,600, still a big amount of growth in a short time. The $500 decline should only be expected, based on the reactions of people watching the cryptocurrency very shortly.
There is no doubt that bitcoin is due for a big payday. Altucher seems to believe so, and with the way the trend is going, it's safe to assume that bitcoin could prove its doubters wrong. It remains to be seen, however, whether the cryptocurrency could become a viable asset for those looking to diversify.
