Why you should be looking at Bitcoin at a more realistic price

Bitcoin is still quite volatile, but a recent report suggests that the cryptocurrency may have entered a phase of “reinvention.”

According to a report by CoinDesk, the price of Bitcoin has increased more than 20% since its price of $14,849 was hit on November 20.

The price is still far from where it was in December of 2016, when the price was hovering around $6,000.

The report, published on Tuesday, also noted that “the average transaction fee is now $1.50 per transaction,” a figure that “significantly outstrips the median transaction fee of Bitcoin” as well as the average fee for other cryptocurrencies, such as Ethereum.

This, of course, is not surprising given the current high levels of volatility of the cryptocurrency.

CoinDesk noted that Bitcoin’s recent increase in price is not just a result of an upward trend in the price, but is indicative of an even more dramatic shift in the cryptocurrency’s valuation in the near future.

As noted in the report, the average Bitcoin transaction fee has increased from $1,500 in November to $1 for the last six months.

“Bitcoin’s current value is much more like what you’d find on other cryptocurrency markets than what you’ll find in stocks or bonds,” said Adam Ludwin, co-founder of digital asset monitoring company CoinDesk.

“This is a major shift from where we were a year ago, and that’s the reason we’re seeing this increase.”

According the report’s analysis, Bitcoin’s price has gone from a $3,000 price to $20,000 in just six months, while Ethereum has seen a 10% price increase over the same time period.

It is not clear whether Bitcoin will remain at $14.849 per coin in the future, or if it will be priced at the $10,000 mark.

In the meantime, it is worth keeping an eye on Bitcoin, and any other cryptocurrency, as the price could rise significantly.

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Image Credit: Shutterstock.com

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