Bitcoin Went Crazy Over the Holidays

It was a volatile week of trading for Bitcoin leading up to Christmas, but since Friday the cryptocurrency has been explosive.

Bitcoin shot up almost 25% since Friday and the other “big five” digital currencies have also seen huge moves alongside.

According to investing.com, bitcoin has now recovered over 50% since falling as low as $10,400 this past Friday. There was no specific reason to explain bitcoin’s big drop last week.

Bitcoin hit over $16,000 on Tuesday, a day after Christmas according to Coinbase, a leading U.S. platform for trading the major digital currencies. According to CoinMarketCap, ethereum was 0.2% higher and near $767 on Tuesday.

Coinbase stated that, “Due to high volume, we are experiencing a backlog of outgoing transactions for BTC and ETH. … Outgoing transactions of BTC and ETH may be delayed by several hours.”

One entrepreneur thinks that bitcoin will even hit as high as $60,000 next year.

According to cryptocurrency entrepreneur Julian Hosp, “I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark.”

Hops is the co-founder and president of TenX, a Singapore-based start up that is involved with digital currency. The firm plans to issue a pre-paid card that will “Take Bitcoin Into [the] Real World With Visa.”

Speaking to CNBC’s “Squawk Box,” Hosp said, “For experts that have been in the market, this was actually a welcome dip. This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs.”

As for bitcoin falling, he said, “I don’t think right now, but I think in the long run, we will always see a little bit of an up move, and then a dip down.”

“I don’t think crypto winter is going to come in the next couple of months, but I think if we look down one to two years, there is definitely going to be a big compression in the market,” he explained.

“I don’t think it’s going to be a bubble that’s just going to burst and everyone is going to lose their money, but I think it’s going to be that all the coins and all the assets with very little use or value are going to get sorted out,” he said.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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