Continuing its phenomenal rise, Bitcoin price has crossed a much-awaited $10,000 mark — registering a fresh all-time high of $10,078 largely due to significant premiums on high-volume South Korean exchanges.
In another record setting day, the total cryptocurrency market cap rose to $310 billion. That’s a $300 billion increase since the beginning of this year. Let that sink in.
Right off the bat let me put out some numbers that will blow your mind.
$0 – $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000- $10,000: 2 days
If that’s not extraordinary, I don’t know what is. The sustained upward trajectory has baffled both the analysts and investors. These developments indicate the cryptocurrency is making its way into the mainstream.
Bitcoin has had a fantastic year. Having started at just under $1000, the cryptocurrency has grown by 1000% in 11 months. This growth is not a flash-in-the-pan either but is supported by growing mainstream adoption and massive trading volume.
The year has been filled with major announcements that signal the widespread acceptance and growth of Bitcoin. Extensive coverage by mainstream analysts was followed by huge growth in Bitcoin hedge funds and institutional investors.
Now that the Bitcoin futures are about to list on the Chicago Mercantile Exchange (CME) and the Chicago Board of Options Exchange (CBOE), we’ll see everyday investors putting their money in the most popular cryptocurrency.
So where does it go from here?
The high-profile fund manages, Michael Novogratz, who predicted Bitcoin price to reach $10,000 by April 2018 has said that a large number of institutional investors with large sums of capital were gearing up to enter the Bitcoin market. He also believes that Bitcoin price is now heading towards $40,000 in 12 months time.
That being said, it’s hard to imagine the markets sustaining such a rapid climb without some sort of pullback. We could see Bitcoin falling back to find a support level in $8000-$8500 range, but the long-term trajectory will stay bullish.
Top Stories from the Crypto World
1. Credit Suisse predicts Square app revenue gains due to Bitcoin
Square’s Cash app, which facilitates payments among friends, recently gave some of its users the ability to buy and sell Bitcoin. Credit Suisse analysts have noted that the company will be positioned to allow cryptocurrency transactions at the point of sale.
Credit Suisse analyst Paul Chondra notably wrote that it may even prompt adoption by its competitors, citing PayPal as an example.
According to the Swiss financial service company, Square can add 10 million bitcoin buyers over two years, taking Coinbase’s growth into account, which would drive its revenue up by $30 million.
2. Iranian High Court supports proposals to regulate cryptocurrencies
Iran’s cyberspace authority, the High Council of Cyberspace (HCC), has claimed that it supports any move to regulate the use of digital currencies like Bitcoin in the country’s jurisdiction. The council has also reiterated the importance of creating and following laws in the country.
HCC Secretary Abolhassan Firouzabadi stated, “We welcome Bitcoin, but we must have regulations for Bitcoin and any other digital currency … following the rules is a must.”
3. Roger Ver has a new bet to the world
Roger Ver, formerly known as Bitcoin Jesus and a major proponent behind Bitcoin Cash, has made a bet to the world, that Bitcoin is going to outperform gold, silver and the dollar by 100 times. Those are some bold claims.
In the past, Roger made a bet with the creator of Litecoin, Charlie Lee, for millions of dollars over the performance of Bitcoin Segwit2x hard fork. As it turned out, the fork never happened, so the bet was called off.