Bitcoin Price now $10,000
It has finally happened. Bitcoin price has hit $10,000.
This happened in the afternoon of 28th of November, 2017 at 1.30am UTC (9.30am Hong Kong time) as traders in the Korean market started trading bitcoin BTC/KRW at $10,800 on both Bithumb and Coinone. The second and seventh largest bitcoin exchange by volume. The western world was a bit skeptical at first but was reluctantly pulled into the double digits milestone value by increased buyers on the bitcoin sphere.
Bitcoin price hit $9,000 for the first time ever in November, 26th and it took only two days to surge past $10,000 as its market price right now is $10,557 according to the stats from Coin market cap.
So you may want to ask: Is this growth sustainable?
Billionaire Hedge fund legend Mike Novogratz – a long term bull thinks the price of bitcoin could reach $40,000 in 2018.
So what are the factors driving bitcoin price up?
This thanksgiving weekend alone. The iOS App for Coinbase trended amongst the searches on Appstore as the most downloaded App. Totaling 100,000 downloads in just 4 days.
In August this year: there was an announcement that 70 new fund could be starting on the cryptocurrency sphere. Now this is no longer news as over 100 fund managers are venturing into the bitsphere and bitcoin is now formally gaining wallstreet attention and adoption.
Also, there has been over 2000 new ICOs this year and they all have been using bitcoin as their base currency for trade and transaction.
This in itself has driven the daily transacton volume from $161billion in August to over $240 billion today.
Another major contributing factor for bitcoin sizeable gains is the reality that bitcoin futures would soon be traded on major regulated markets. Two of the world’s largest futures markets, the Chicago Mercantile Exchange (CME) and the Chicago Board of Options Exchange will soon launch Bitcoin futures.
This in itself is large.
The large adoption of bitcoin all over the world is also unprecedented.
From Countries with little internet presence to the western world. Everybody wants in and due to so its simplicity and no government or third party interference, people are shoring it up as a store of value. Venezuela for instance has had the Bolivar devalued to 90% of its value due to hyperinflation and right in its capital city, Caracas, bitcoin adoption has risen exponentially.
This alone can make the price go up to $40,000 and above.
So you now ask, can bitcoin price increase be sustained?
Still on Mike Novogratz on CNBC: “We shouldnt be surprised if the markets undergoes a short term correction as the rally cools off and early investors and traders take profit… “
So don’t be afraid of price corrections and rally off.
Like the soldiers in Hollywood blockbuster 300.
Hold! Hold!! Hold!!!
The journey has only just begun.
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