Bitcoin price suddenly surges to 3-year high

[dorsetknob]

Bitcoin price suddenly surges to 3-year high

Bitcoin is approaching a new record price high after it suddenly surged on Thursday.
The cryptocurrency is currently trading above $15,000 – up from around $5,000 in March. It is now less than $5,000 away from the all-time high seen in late 2017.
The 9 per cent gains for bitcoin over the last 24 hours comes after steady gains over the last month for the world’s most valuable cryptocurrency.
The price gains come amid geopolitical and economic uncertainty resulting from the coronavirus pandemic and a drawn out US election.
Other cryptocurrencies also experienced significant gains, with Ethereum (ether), Ripple (XRP) and bitcoin cash all rising by between 4 and 10 per cent.
The 9 per cent gains for bitcoin over the last 24 hours comes after steady gains over the last month for the world’s most valuable cryptocurrency.

Lets hope the new Cards coming to the Market don't cause a Shortage and spike in their Availability and Price

 

[R-T-B]

The stock market is posting gains too. But in bitcoins case, this was predicted, the effect was just delayed. It's due to the recent block halving. It's by no means more profitable to mine, as such. There are literally half as many being released via mining now.

 

[DeathtoGnomes]

BTC is well over $16k now.

 

[birdie]

It was totally expected and it's not sudden - hopefully its price won't dip below 10K this time around and I'm almost sure some correction will follow, maybe even to $12K or less. It has gained over 60% for the past several months - looks like some confidence behind it is building though the most recent news about $1 billion in bitcoins ceased by the US government is certainly quite scary. It means the US government has a vehicle to drive its price down by as much as 80% :-( Imagine they decide to sell all of their bitcoins in one day. That sounds horrible.

 

[jjnissanpatfan]

I think when it hits 23-25K it will bottom out again. To much risk unless you had like ten or 20 when they started and were worthless, other than that the risk is too great.

 

[birdie]

I think when it hits 23-25K it will bottom out again. To much risk unless you had like ten or 20 when they started and were worthless, other than that the risk is too great.

It remains to be seen considering that large institutional investors are now involved. Bitcoin has stopped being a pure speculative investment many many years ago. It had an insane run at the end of 2017 driven by Tether printing and hype but after that its growth has been almost natural. I for one would like Tether and USD coins to be abolished altogether because in this case we'd know for sure how much Bitcoin is really worth without these two pump-and-dump instruments. I still believe both are worth nothing and the people around them are ... conmen. They've created quite a bad reputation for the whole crypto market.

 

[ZenZimZaliben]

I think when it hits 23-25K it will bottom out again. To much risk unless you had like ten or 20 when they started and were worthless, other than that the risk is too great.

Yes, I agree and expect a lot of people that bought at 18K+ to start dumping.

 

[hat]

Looks like it's even higher now. Nearing 18k.

 

[TheoneandonlyMrK]

Well, it is nearly Christmas, three years running.

 

[moproblems99]

I'd hate for all the gpu stock to be gone....

 

[lynx29]

I'd hate for all the gpu stock to be gone....

why do new gpu's matter at all? i got a 6800, but i might make what 50 cents mining after 1 month with it? electricity isn't free and new cards don't put a dent in mining. unless there is news i am missing?

how much money could i make mining with my 6800 in 1 month? if its more than 200 bucks i might consider it, but im guessing more like 30 bucks max. lol

 

[DeathtoGnomes]

Looks like it's even higher now. Nearing 18k.

Charts say it hit very close to $18.5k today.

 

[InhaleOblivion]

Madness. Then again considering how other markets have benefited from COVID-19.

 

[lynx29]

Madness. Then again considering how other markets have benefited from COVID-19.

bitcoin is no different than our stock markets, the rich get richers and their friends help other friends get rich and it never ends. story as old as humans, us common folk still just hope to work the 40 hr week and have a decent retirement at the end. if you were lucky enough to get in on bitcoin early and hoddle you are sitting good for sure. but who could have ever predicted it would take off, everything has risks, no matter how sure you are about something.

 

[trog100]

the alts are now going up along with bitcoin.. 50% or so over the last thirty days and i think its only just beginning.. the alts have a lot of catching up to do..

bitcoin is near its all time high the alts have a long way to go yet..

trog

 

[R0H1T]

but who could have ever predicted it would take off, everything has risks, no matter how sure you are about something.

Pretty sure this was predictable. Lots of free money, stimulus & nearly zero interest rates ~ sounds familiar? Why yes because that's what happens almost every decade or two!

 

[dorsetknob]

Pretty sure this was predictable. Lots of free money, stimulus & nearly zero interest rates ~ sounds familiar?

Meanwhile in Australia Sheep Shearers( Due to COVID restrictions) are retraining for the Crypto Market

 

[lynx29]

Pretty sure this was predictable. Lots of free money, stimulus & nearly zero interest rates ~ sounds familiar? Why yes because that's what happens almost every decade or two!

good for those of you who got in early. but you can't get in now. so meh. can't mine it, not worth it. can't get a job that pays me in it, etc. and the IRS taxes it, electricity fees, etc. i mean congrats if you got in early and hoddled. but if you didn't, there is no point buying a little piece right now. lol

 

[moproblems99]

can't mine it, not worth it.

You look at mining the wrong way. You aren't mining for today as much as tomorrow. If mining eth today loses money, that same eth could be worth 20k tomorrow.

Don't get me wrong, I ain't about to jump in and mine but sometimes it's about the long game.

 

[trog100]

interesting times again for crypto.. bitcoin briefly hit £23 thousand an hour or two back..

it might soon be worth switching on my 10 x 1070 miner gain.. i never did get around to stripping it down and selling the parts..

trog

 

[111frodon]

interesting times again for crypto.. bitcoin briefly hit £23 thousand an hour or two back..

it might soon be worth switching on my 10 x 1070 miner gain.. i never did get around to stripping it down and selling the parts..

trog

They are profitable. The 570/580 are producing over 1,25 CAN$ each a day, while 1070s are more in the 1.05 range. The income my farm (800 MH/s) produce has more than double since the covid crash.

 

[trog100]

well i just switched on my miners.. they are my desktop machine which has one 2080 ti in it and my purpose built miner with 8 x 1070 cards.. the 2080ti is roughly like two 1070 cards..

currently i am seeing around 12 dollars a day.. all my hardware is paid for so their is no return on costs stuff to worry about.. its all profit less the cost of electricity..

thats about 360 dollars a month.. or in my case £270 quid.. if i allow £100 quid a month for leccy that leaves £170 a month profit..

welly worth running them.. maybe not worth buying it all but i already did that three years ago.. he he

if crypto goes up which i expect it to my profits will go up but my leccy bill will stay the same..

trog

 

[moproblems99]

well i just switched on my miners.

I thought about it but I don't have a spare room any more.

 

[trog100]

I thought about it but I don't have a spare room any more.

mine is still sat exactly where i left it three years ago gathering dust in my spare bedroom..

for reasons unknown to me i had to increase the virtual memory a lot before i could get nicehash to run.. but when i did that its running fine..

i think nicehash mostly runs etherium and then converts it to bitcoin.. on that basis its eth i need to go up.. currently its well below its what it peaked at so i think it will..

i hodle so its what the future is about not the present for me..

plus in my case its helping to heat my upstairs rooms he he..

trog

 

[ZenZimZaliben]

What a nice end to a crap year. Thanks BTC!