Bitcoin Hits New All-Time High, and On-Way to $10,000 Milestone
Following its latest all-time high set on the Thanksgiving weekend, Bitcoin shows no signs of slowing down. In fact, the bitcoin price just surged to yet another record on Monday morning, surpassing the threshold of $9,700, and currently trading at approximately $9,767.
The recent price surge of bitcoin could point that the digital currency will soon surpass the long-awaited five-digit mark shortly. While many say that it will happen before the end of the year, if the price surge continues, we could see bitcoin break $10,000 in less than a few days.
At this time, economic analysts attribute the latest price surge to increased retail, high trading volumes, the Thanksgiving national holiday in the US, the Black Friday shopping event, and of course, the upcoming appearance of institutional investors and their capital on the market. Many believe that the latest trends in blockchain technology alongside the overall increasing popularity of bitcoin could be catalysts as well.
An interesting point worth noting is that back in September 2014, when bitcoin was trading considerably lower, Tim Draper claimed that Bitcoin may hit $10,000 in three years. At that time, the cryptocurrency was trading at $412 per piece. At that time, the digital currency community consisting of firm believers in bitcoin’s future, was sceptical that such values would be attained so quickly. Now, given the intense fluctuations on the market and the positive events for the coin, this prediction is close to becoming a reality.
Given the increasing price, many people are now wondering whether investing in bitcoin is still worth it, as true profits cannot be achieved with a small, hundred dollar investment anymore. There are also talks related to scalability, sustainability, possible hard forks and the idea of bitcoin being a bubble, which continue to influence investors negatively. However, the last couple of years have been almost free from any value drops, therefore it can be stated that the year of 2018 will continue to be a great year for digital currencies, especially bitcoin.
Based on everything that has been outlined so far, bitcoin is now closer than ever to hitting the $10,000 milestone. Once it happens, worldwide interest in the digital currency may skyrocket.