Betting on the Price of Bitcoin: Will BTC Soar to $20,000 by the end of 2018?

• You can now gamble on the price of Bitcoin thanks to some creative new props available
• Will Ethereum continue to cut into Bitcoin’s market share?
• Will Bitcoin be trading under $5,500 at some point before January 1st?

As far as cryptocurrencies go, Bitcoin has been relatively stable in the later half of 2018. But compare the price fluctuations to any major currency, and you’ll see it’s still the Wild West. Price swings of 10% are a regular occurrence, and no one would be truly surprised if the price soared to an all-time high or tanked to a dramatic new low in the near future.

You can now gamble on the price of Bitcoin without even buying or selling the currency. Just scan the prop bets below and see if one tickles your fancy.

Bitcoin Dominance

Bitcoin began 2018 with 38% of total market capitalization and that figure has been gradually rising throughout the year. It currently stands at 53%. There was a time when Bitcoin completely dominated the cryptocurrency space, but those days are long gone.

The explosion of altcoins obliterated Bitcoin’s dominance in early 2017, bringing its share from 85% to 38% in just over three months.  Since then it’s been a bumpy ride. A December surge from Ethereum, Bitcoin’s main competitor, took Bitcoin’s market share from 60% to 34% in the span of a month.

There was a time when Bitcoin completely dominated the cryptocurrency space, but those days are long gone.

2018 has been relatively stable compared to previous years. There have been some dizzying highs and some terrifying lows, but it’s nothing compared to the booms and busts we’re accustomed to. Bitcoin is slowly clawing back the ground it ceded to Ethereum and Bitcoin Cash in 2017, and it seems there’s more market share to be taken.

Hitting 55% of total market capitalization (-1000) is a very achievable goal. If the trend continues, we could even see it in a few days. Both Ethereum and Bitcoin Cash are on the downward trajectory at the moment, and many of the obscure altcoins that exploded during the boom have already fizzled out.

I’m not so sure about hitting 60% of total market capitalization (-160), though. Bitcoin gained 17 percentage points over its competitors over the last four months, and if that trend continues, it’ll sail past 60% of market cap by year’s end. But just months ago, we saw Bitcoin drop half its share of the total market in the span of 30 days. A lot can still happen in the remaining months of 2018.

In 2017, Bitcoin welcomed the new year its price around $1,000 and celebrated Christmas at $14,000.

Bitcoin Price Bets

Now to predict the unpredictable.

As I type, the price of Bitcoin is $7,272.35 USD. Over the last three months it has hit a high of around $8,400 and a low of $5,800. That’s pretty volatile but it’s nothing compared to the months that preceded it.

In 2017, Bitcoin welcomed the new year its price around $1,000 and celebrated Christmas at $14,000. It continued to surge to almost $20,000 and by February it had tanked back down to $7,000.

So where does it go from here?

Bitcoin brushed up against $11,500 in early March, which is the highest point of 2018. It hasn’t reached anywhere near that in recent months. Since June, the price has mostly fluctuated between 6-8,000. Unless there’s another boom in the coming month, the price will remain well below $12,000.

Bitcoin reached $5,800 in June, marking a 2018 low. The bookmakers seem convinced that another dip is due before the end of the year, offering just -500 for Yes. I wouldn’t be so sure of anything when it comes to Bitcoin. The price hasn’t dipped below $6000 in some time, so picking Bitcoin to remain above $5,500 for the next four months (+300) seems pretty reasonable.

If you bought Bitcoin in late-2017 to early-2018, you’re praying for a Yes (+325). But I wouldn’t hold out for another round of Bitcoin mania. The price could eventually reach $15,000, but don’t bet on it to double in the next four months.

Bitcoin brushed against the $20,000 mark in December before dramatically crashing down to $7,000 in February. It’s going to be a long time before people are confident enough to buy cryptocurrency at those prices again. Pick No (-800), and pray for Yes (+425).