The price of bitcoin, once again, crossed Rs 30,000 on Zebpay bitcoin exchange. It was November 4th, 2015 when it first crossed the mark of Rs 30,000 on Zebpay bitcoin exchange.
The price touched Rs 30,000 at around 09:00 IST today i.e. April 25, 2016. At the time of writing this article, bitcoin was trading at Rs 30,009. The price of bitcoin has been stable around Rs 28,000 since the year started. Bitcoin was trading between a tight range of Rs 27,336 and Rs 28,670 before re-attempting Rs 30,000.
Bitcoin maintained its trading in this range, as traders were watching the bitcoin community's progress in fundamental issues like block-size debate. But breaking the major resistance area signals a bullish trend ahead.
In recent years, Bitcoin has started gaining mainstream media attention. The media is studying the speculations for 2016 - a year predicted to be ‘bitcoin year’ among community and investors. There are many factors responsible for the recent stability and investor confidence. Zebpay’s bitcoin prediction report for 2016 highlighted number of factors that fuels the enthusiasm of price rise.
The year has begun with a gloomy global economy landscape. Crashing equities in China, banks seeing more NPAs, turmoil in the euro-zone and shrinking world trade are the reasons behind a disastrous start of 2016. Investors has turned away from the equities and are embracing alternatives like gold and bitcoin.
The halving of bitcoin mining reward, due in July 2016, could be another reason for bitcoin gaining increased attention in past few days. The growing number of bitcoin transactions and wallets worldwide shows the rise of enthusiasm and faith in bitcoin investment. The governments and regulators around the world are now praising bitcoin and its underpinning blockchain technology.
Bitcoin has always been a volatile digital currency since its inception in 2008. But in recent few weeks, it has shown signs of stability in its value. Once stable above Rs 30,000, it will boost market sentiment and larger advances from hereon.
The market is now waiting for the halving in July 2016 which can take bitcoin price to fresh new highs! The price of bitcoin is poised to increase further.
Faizan Ahmad
About the Author:
This article is posted by Faizan who is the Author and Founder of TechSenser. He is a Professional Blogger from India and a passionate writer about Technology, Gadgets, How-to-Guides, etc. You can connect him on Google+.
The price touched Rs 30,000 at around 09:00 IST today i.e. April 25, 2016. At the time of writing this article, bitcoin was trading at Rs 30,009. The price of bitcoin has been stable around Rs 28,000 since the year started. Bitcoin was trading between a tight range of Rs 27,336 and Rs 28,670 before re-attempting Rs 30,000.
Bitcoin maintained its trading in this range, as traders were watching the bitcoin community's progress in fundamental issues like block-size debate. But breaking the major resistance area signals a bullish trend ahead.
In recent years, Bitcoin has started gaining mainstream media attention. The media is studying the speculations for 2016 - a year predicted to be ‘bitcoin year’ among community and investors. There are many factors responsible for the recent stability and investor confidence. Zebpay’s bitcoin prediction report for 2016 highlighted number of factors that fuels the enthusiasm of price rise.
The year has begun with a gloomy global economy landscape. Crashing equities in China, banks seeing more NPAs, turmoil in the euro-zone and shrinking world trade are the reasons behind a disastrous start of 2016. Investors has turned away from the equities and are embracing alternatives like gold and bitcoin.
The halving of bitcoin mining reward, due in July 2016, could be another reason for bitcoin gaining increased attention in past few days. The growing number of bitcoin transactions and wallets worldwide shows the rise of enthusiasm and faith in bitcoin investment. The governments and regulators around the world are now praising bitcoin and its underpinning blockchain technology.
Bitcoin has always been a volatile digital currency since its inception in 2008. But in recent few weeks, it has shown signs of stability in its value. Once stable above Rs 30,000, it will boost market sentiment and larger advances from hereon.
The market is now waiting for the halving in July 2016 which can take bitcoin price to fresh new highs! The price of bitcoin is poised to increase further.
Faizan AhmadAbout the Author:
This article is posted by Faizan who is the Author and Founder of TechSenser. He is a Professional Blogger from India and a passionate writer about Technology, Gadgets, How-to-Guides, etc. You can connect him on Google+.
