During the last week the price of Bitcoin has risen again thanks to the renewed public opinion.
On 19 February, Bitcoin traded for 387 euros, compared with the price on February 12, this is an increase of 11%.
This development is strongly in contrast with the development between 4 and 11 February, in which bitcoin roughly pendulated between 335 and 350 euro. On February 12, the price rose 334 euros to 342 euros, a trend that led to the next day at an average price of 346 euros. After that, there was a slight loss, but the price of the bitcoin could recover for the rest of the week.OKCoin was responsible for 47. 45% and Huobi for 44. 92% of this transaction volume.
Price also boosted by blockchain hype
Parallel to this bustling trend, banks in both the eurozone and China were announced to deal more closely with the blockchain technology. On 17 February, the European Central Bank announced its intention to investigate the extent to which this infrastructure infrastructure could be useful in terms of payment and insurance. At the other end of the world, Zhou Xiaochuan, President of the Chinese People's Bank, said in an interview with Caixin Weekly that the Central Bank is investigating various technologies, including the blockchain, to set up and manage an electronic cash network.
These developments are certainly positive, but do not change the current challenges of Bitcoin such as the Blockize debate. These technical problems continue to create uncertainty in global markets. If the community behind Bitcoin, however, overcome these difficulties, the attitude towards Bitcoin could continue to improve. Tim Enneking, chairman of the Crypto Currency Fund, a hedge fund focusing on digital currencies, is predicting a massive price jump.
New trust in BitcoinThe Bitcoin price has risen worldwide thanks to a better view of the traders worldwide. In addition, the market has gained a backwind through the increasing adoption of Bitcoin and the Blockchain technology. The negative influence of Mike Hearn's departure, which resulted in a 15% price, seems to fade slowly this week.Hearn, who was one of the developers behind Bitcoin for more than five years, said the Bitcoin experiment had failed, an utterance given by many major media institutions. One of Hearn's main arguments was that the low block size leads to an extremely unstable network. This extremely pessimistic view is opposed to other expressions, which in the current difficulties only see the normal madness of an emerging technology. "The biggest challenge for Bitcoin is its own success," said Enneking, "if the number of transactions continues to grow so strongly, Bitcoin will hardly follow. "Enneking predicts that the Bitcoin community will allow time to take decisions, but says that" it is better to make a suboptimal than no decision ". Despite the lack of solution to the problem of Blockize, the price of Bitcoin has recovered after the low point of below € 340.
Source: Bitcoin Price Passes $ 420 Markant Institutional Attention via Coindesk
Data source for chart: Bitcoinity. org