Bitcoin Breaks $9,000 Milestone and Sets New All-Time High
The month of November has brought along yet another massive price surge for bitcoin, with its value skyrocketing over the last few days. Now, bitcoin has managed to reach another all-time high, as it has surpassed the $9,000 threshold, with a high of $9,043.
At this moment in time, it is believed that the massive price increase is mostly due to the increased investor interest in the United States, following the Thanksgiving national holiday and the Black Friday shopping spree.
Apart from this aspect, it is also worth pointing out the fact that the largest digital currency exchange in the United States, Coinbase, managed to add around 100,000 new accounts between Wednesday and Friday, shortly before the holiday and shopping spree event, thus leading to a total of 13.1 million accounts. With increased investor interest, it is understandable why the bitcoin price managed to reach this all-time high.
It is also important to point out that over the last few weeks, there has been an increased institutional investor interest. This is mostly due to the CME Group preparing to launch bitcoin futures in the second week of December, and other financial institutions considering the same idea. Therefore, the launch of bitcoin derivatives will surely further consolidate bitcoin as an asset class within the institutional investor market.
These past few days have also proven beneficial to the world’s second largest coin by market cap, Ethereum. After managing to break the $313 resistance which it dealt with for a couple of days, the coin’s price hit another surge, with values increasing up to $485. At the time of writing, Ether is trading slightly lower, but still above the $450 mark. Additionally, analysts are predicting that the surge trend will continue until the end of the year. Because of this, billionaire Michael Novogratz, who holds around 10% of his wealth in digital currencies, has predicted that Ethereum will reach $500, and bitcoin $10,000 by the end of the year, with prices continuing to increase in 2018.
Based on everything that has been outlined so far, most high-cap digital currencies apart from bitcoin cash are currently continuing their upwards growth, which is great news for the market. It is expected that values will rise even higher, and hit new milestones by the end of the year, with $10,000 predicted for bitcoin.