RE: Bitcoin trading at almost $20,000USD on Gdax
Bitcoin is on an incredible run that is for sure. I'm still concerned about this whole futures market thing and what the effects of that will be. There may be big money players coming in that could send it all the way to the moon or short it right into the dirt.
I think in the end it will be good as it will add more money diluting the holdings of whales now, possibly leading to market stability and a corresponding drop in volatility.
At a point you have to step back in order to see that what is occurring is not natural price appreciation. Its' straight mania..
Here is Bitcoin price over time and how long it took to achieve each milestone.
$0000 - $1000: 1789 days
$1000-$6000: 280 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
$11000-$12000: 6 days
$12,000-$13,000: 17 hours
$13,000-$14,000: 4 hours
$14,000-$15,000: 10 hours
$15,000-$16,000: 5 hours
$16,000-$20,000: 2.5 hours
$20,000-->$15,000: 37 Minutes.
It seems like a perfect setup for the Bears in the futures market to come in and piss in the Kool-Aid every one had been drinking recently. We shall see.
