Bitcoin opened the month of November with a new record-high of $6,922.90 according to CoinDesk’s Bitcoin Price Index. After a week going into November, its price went north of $7,500 and continues its streak of breaking all-time high records. The price of Bitcoin persists to not show any doubt that it is just a bubble that would ‘pop’ and die out at any time. When in fact, its value stretched to another high and the $8,000 mark could be attained anytime soon.
Going back to the end of 2016, early Bitcoin investors and Bitcoin sports betting winners really got their money’s worth with the 2016-end-of-year price of $948. That is more than a 600 percent increase from the previous year numbers. With that being said, as Bitcoin breaks its record-highs on a monthly basis, what is causing this sudden surge?
The price surge is believed to keep going up because of more adaptation and the fact that cryptocurrencies grow more popular as more people know about it. Also, to date, there are 55 cryptocurrency hedge funds officially listed. These all go to show that there is a heavy interest in Bitcoin in a market cap worth over $166 billion. Currently, there is more than 16 million Bitcoin in circulation. If all Bitcoin was put in circulation–which is fixed at 21 million–can you imagine its price by then?
10k Is Relatively Easy Now
Amidst all the struggles that Bitcoin faced in this mixed year, the cryptocurrency proved it can still dominate the market. Some businessmen called Bitcoin a fraud, while others praised it as the “next big thing.” Among the struggles too were, China banning the use of Bitcoin in their country. On the lighter note, Russia and Japan welcomed the use of it in their country. Bitcoin faced adversities but it still went up in value. Now we’re on the big push for the $ 10,000 mark.