Bitcoin at $100K; how will the cryptosphere react?
It’s no news that you can now buy a bar of gold with one bitcoin and still have a good balance left. Anyways, I can’t Personally think of a good reason to buy gold with bitcoin. The ‘precious metal’ has been around for a long as man can remember and as long as luxury climbed the scale of human societal needs. But in essence, it hasn’t contributed more than this to the overall fate of the society.
In a space of months, bitcoin has tumbled over its value to exceed the $65,000 mark and record a price we only dreamt of few years ago. A meteoritic rise saw bitcoin price touch $69,000 before correcting to the current price.
The rise to prominence of bitcoin and cryptocurrency has been dramatic. Filled with optimism and pessimistic events, this space has lived through bullish and bearish waves. Each time, it has created new believers, many have freaked out too. These periods are also characterized by relatively different human behaviors. The free market is actually an interplay between events and human behavior.
Bearish periods breed true believers and optimists. Most crypto enthusiasts are here ‘for the money’, but only few are ready to play the long game. Bearish periods breed this set of enthusiasts. Pessimists are quick to jump the boat, especially if they already made any profit at all. Optimists ride the waves, pessimists jump the ship, the bear market reveals who stayed and who freaked out…lol.
As things get better and the market looks more rewarding, there is an influx of people who hope to tap from the flowing market. New enthusiasts who got really impressed by the good news from the formerly ‘less-profitable’ market, pessimists who left the space when the storm rocked the sea; these two set of people make up majority of the new believers.
Bitcoin at $5,000 didn’t look as attractive as bitcoin at $25,000. You’d expect more investors to hit the market at the former price, but the later price actually attracts more investors, a very surprising phenomenon! Well, humans are weird. At $30,000, the number of institutions and individual investors seeking to invest in cryptocurrency grew tangibly. Tesla bought about $1.5 billion worth of bitcoin at about $35,000 each. For a firm as brilliant as Tesla, you’d expect them to invest earlier than when they did, but just as said earlier, a very surprising phenomenon.
With more growth comes even more craving, the bull market is unarguably shaping the crypto space. As the value rises, so does the interest and also emerging human reaction. $58, 000 was a dramatic one as bitcoin drew levels with gold. Early gold investors who never believed in bitcoin will have to sell a complete bar of gold (and more) for a full bitcoin. Should be infuriating, for them.
Continuing on its run, bitcoin grew past this point and is poised to go even further. Influencers teased the $100,000 per bitcoin price over the years. More than ever, we are close to reaching this dream point. But what comes after we get there? Only few have actually given this a reasonable amount of thought. How will the crypto space react to $100,000 per bitcoin?
If the $100,000 dream actualizes, then it’s high time we gave up the thought of bitcoin dominance going below 50%. Bitcoin controls over 60% of the total cryptocurrency market capitalization. With over $1 trillion invested in bitcoin, it is the ‘alpha cryptocurrency’, nothing comes even close. Even ethereum is about eight times lesser than bitcoin in total market capitalization. The $100,000 price will even widen this more and push bitcoin higher in the peak position which it already occupies. It will probably remain at this top as long as cryptocurrency stays relevant.
We once hoped for $100,000, influencers predicted when this will come. Once this is attained, next move will be to hope for even more. Influencers will have to switch to an even bigger figure. $1 million per bitcoin, or $200,000 per bitcoin. One is ‘aggressive’ the other is ‘conservative’, it is up to you to decide which one. If the $100,000 target is hit, then we’d have to expect more ‘MacAfee-like’ predictions.
When bitcoin hikes in price, a usual trend is altcoins losing their values for a while and picking up when bitcoin settles down. This have been the usual dynamics for a while. However, if bitcoin should hit the $100,000 dollar mark, this trend could see some changes. Altcoins might join the party in an unusual fashion. The probability of altcoins blazing through alongside bitcoin is high. This is due to the influx of buyers who would flock the market to buy ‘the new bitcoin’ and not bitcoin itself. Altcoins will rally due to the quest for a project poised to bring more gains.
Square capital bought bitcoin below $20,000, Tesla bought bitcoin below $40, 000 but way above $20,000. Bitcoin’s success as regards price draws the attention of institutions more than a price crash. When bitcoin sells around $100,000; we’ll unarguably see an explosion in institutional interests. Private and public offices will want to get a bite. “if $100,000 was possible, then $1 million isn’t far-fetched”…lol
Greed, fear of missing out and propaganda; the crypto space is poised to welcome each of these in full force if bitcoin hits $100,000. While they have always been normal attitudes in the crypto space, such growth will fuel this even more.
It is uncertain how the cryptocurrency communities will react to bitcoin at $100,000 and other events which will follow them, but the above prediction won’t be far from correct.
How will the cryptocurrency community react to bitcoin hitting $0.1 million? Share your thoughts!
Cryptocurrency Scripts is transforming into a community of enthusiastic cryptocurrency and blockchain believers! Join the Adventure!
Would you love to read similar articles?
Have our next publication delivered to your mailbox
Posted Using LeoFinance Beta