Among the hullabaloo and escalating fear about a potential hard fork, the price of bitcoin swelled to $1212 on April 10, according to Bitcoin.com’s price index. People still have faith in digital gold.
Nonetheless, this seems like an unprecedented rise in price. The community is still immersed in the tumultuous challenge of finding a solution to the block size dilemma. Some would think the resultant FUD would have caused investors to dump their holdings, inspiring a downward trend in price.
The reverse is true, though: there has been healthy bitcoin trading on the market at the onset of April. A Crypto-Time article pointed out that the growth of Bitcoin this month coincided with marked “profits” in the Bitcoin space, which garnered attention of more speculators and investors.
This would make sense from a nontechnical perspective. Some investors may not understand all intricacies of Bitcoin. They might take risks without having full mechanical acumen of the cryptocurrency.
Everyone still trading, still hoarding; Bitcoin ATM’s
With that said, market actors with knowledge of Bitcoin are still trading, keeping, or hoarding the currency. If they would have thrown in the towel, the price would have started a downward spiral. This means that people still have faith the block size problem can be resolved without incident.
In addition, the price hike also comes on the heels of the downward trend spurred by SEC refusal to list a bitcoin exchange-traded fund, meaning that market actors aren’t concerned about political action either.
There is also other good news in the Bitcoin space. Even though the scaling debacle has caused some people to shake in their boots, there is more evidence that faith remains in Bitcoin.
On March 2, Razor-Forex.com penned an article that suggested Bitcoin ATM installations are still on the rise, and that coinatmradar.com reported that 53 new ATM machines were installed in a variety of different countries in March. However, Razor-Forex added: