Hallelujah! Finally, the price of bitcoin is rising again

After a difficult two-week period, it appears that predictions of a supposed recovery in Bitcoin's price may be coming true. A jump of more than $300 increased the price of bitcoin from $7,100 to $7,500, which is almost five percent per day.

This price behavior was probably influenced by yesterday's message about the possible acquisition of the Coincheck exchange by the Japanese company Monex. It looks like Monex is doing for the Coincheck exchange what the US company Kraken did for the Japanese Mt. Gox, which also suffered from a hacker attack.  

Monex has been intensively experimenting with blockchain and cryptocurrency, and has been looking for an opportunity to get into this industry for a long time. “As part of our efforts, we launched Monex Cryptocurrency Lab in January of this year and are also considering the acquisition of a secure and socially responsible cryptocurrency company,” management commented. 

Despite the good news about the price of bitcoin, some analysts are pessimistic. For example, a team of researchers from Zurich says that users should not get too excited about the current price, as the situation will soon worsen again. They predict that the cryptocurrency market could lose up to 37 percent this year, pushing total market capitalization down from about 120 billion to 77 billion.

The researchers base their conclusions on Metcalfe's Law, which states that the utility of a network is proportional to the square of the number of users of that network. Researchers say there simply aren't enough Bitcoin users to support rising prices. 

On the other hand, former executive director of VISA John Matonis is very optimistic and says that bitcoin is expected to skyrocket in price thanks to cooperation and integration from banks and financial institutions. He says bitcoin is not a bubble, but "a pin that is about to puncture the bubble."