Since the beginning of October 2017, the bitcoin price (BTC-USD) market has been experiencing some huge price swings. There was a point when the BTC-USD was being traded at $4,500, but this was short lived when the price went down to $4,100. Currently, the price has gone up, and bitcoin is being traded at slightly below $4,400. From such swings, it will be true to suggest that bitcoin has seen some erratic chops and price hikes, although all indicators show that the currency is on an upward trend. Basically, prices have been going up and down due to many factors. First, the split within the bitcoin community due to a longstanding disagreement saw its price fall down.
The price, however, picked up fast after some experts indicated that the new currency (Bitcoin Cash -BCC) that was created after the split showed no prospects of growth. Secondly, it was reported on many bitcoin news websites that the Chinese government had put a ban on cryptocurrency trading exchanges, including Bitcoin. This factor alone saw the Bitcoin price plummet to $3,000. But there was also good news from China that indicated the government was considering resuming the exchanges and this factor saw the price increase to $4,100. It should, however, be understood that even with the ban, Bitcoin price continued to increase due to high demand coming from South Korea and Japan.
It can now be argued that although the price of bitcoin has experienced heavy growth in the past few weeks, there is still a possibility that the market can still go sideways with many governments considering the option of regulating the cryptocurrency market. Whether the price goes down or up in the coming months, what will remain constant is that the value of bitcoin will outdo all other cryptocurrencies in the market. Since bitcoin is the most traded cryptocurrency, if it is affected due to market regulations, other cryptocurrencies will be affected too.