Bitcoin Continues Meteoric Rise – Where Will it End?
Whether you’re an investor in cryptocurrency or someone that follows global market trends, you’re probably following the price of Bitcoin. Bitcoin surprised many late last year when it shot up past $20,000. Then the coin continued marching on to break past $30,000. Now, it hovers between $34k and $35k with some wondering what’s next.
The Bitcoin bull run is having impacts on most cryptos. Even Dogecoin is seeing levels it’s never seen before. That’s right folks, Doge is .01. So where does the craziness end and how can online gamblers take advantage?
Cryptos Gone Wild – Bitcoin and Crypto Prices Continue to Climb
For those of you HODLing Bitcoin right now, you’re probably feeling the temptation to sell. The COVID-19 pandemic combined with various institutional adoption drove the price of BTC up over $20,000 by December. However, the price continued to climb and Bitcoin cracked the $30,000 plateau on January 2nd.
Since then, the coin has hovered from $32k up to $38,600. At the time of this writing, the coin is at $37,663.63. Prices fluctuate based on a combination of buying, selling, and news and speculation. However, the price continues to climb for now.
— coinOK (@coinok) January 8, 2021
The BTC bull run is impacting all cryptos. Litecoin has doubled in value since mid-December and is now around $165. Ethereum has done the same, moving up to almost $1,200. Even Bitcoin Cash has moved up to the $450 level.
Perhaps the most surprising move has been Dogecoin. Dogecoin has been the little joke currency that could. It once cracked .01 but quickly plummeted. This time around, it is holding at around .01. Doge spiked a couple of times recently. First, Elon Musk mentioned the coin, causing a spike.
Then, porn star Angela White said she has held the coin since 2004. This convinced some of her 1.3 million followers to go buy Doge. Since then, the coin has hovered around .01.
What to Expect From Here
Unless you’re a “true believer,” there are few that saw BTC cracking $30k this quickly or saw it continuing a sustained run. However, the fuel continues to be put on the BTC fire as various institutions come out in support. Unlike the run back around 2017, this run is fueled less on speculation than on real-world adoption.
The exception would be for Dogecoin. That’s almost entirely fueled by hype and speculation. If there is one coin that’s primed for a crash, it is that coin. It has happened before, and it is likely to happen again.
For other coins, prices could go either way. At some point soon, we do predict a correction for Bitcoin, but it will not be to the levels that happened from 2018 to 2020. Instead, we could see the coin dropping back to the $15k to $17k range.
How Online Gamblers Can Take Advantage
If you gamble at Australian online casinos that accept crypto, this could be a good time to play. With the value of crypto at all-time highs, hitting some big wins could pay off even larger down the road. A $1,000 win cashed out in Bitcoin could be worth $2,000 next year if you HODL.
For those of you looking to get into BTC, you could consider cashing out your online casino balance into BTC or other cryptos. Due to the extremely high price of BTC, you may be better suited to cash out in Litecoin or Ethereum as you will have more room to grow.
For Dogecoin enthusiasts, we don’t recommend you cash out in Doge. I predict that the coin will lose about 30 to 50% of its value within the next two to three months. The ever-growing supply of the coin does not allow for long-term growth. Honestly, you’d be better off to sell your existing DOGE stores and get back in when the price does its eventual crash.
Australian Online Casinos Offering Bitcoin Bonuses
We’ve recently covered which banks block credit card transactions and how that Parliament is getting ready to ban all credit card gambling.