The last step before the $10.000 dollars’ goal. Bitcoin has arrived at $9.200 dollars just some minutes ago and it does not seem to stop. The bullish market in which we are now could break all possible expectations for this year. In the last 24 hours, Bitcoin has grown 7.9 percent according to coinmarketcap.com.
Can Bitcoin Reach $10.000 Before 2018? It Depends on the Investors
From September until now, Bitcoin has seen a 310 percent increase. If the upward trend keeps Bitcoin could possibly reach $10.000 dollars’ price before the end of the year. At the beginning of the year, Bitcoin was traded at $960 dollars. Until now, it represents an incredible 979% increase.
Its market capitalization has crossed $154 billion dollars with a 53 percent market share, more than half of the total cryptocurrency market. Some months ago, Bitcoin crossed $100 billion market capitalization and its expected to keep expanding.
In a day in which the majority of the most important cryptocurrencies are down, Bitcoin could outperform all the rest. If more investors keep coming and fuelling the markets with fresh dollars, then, the price will keep growing in the mid and long term. For example, UseTheBitcoin has covered how different hedge funds and institutions are starting to adopt Bitcoin. This was the case of TOBAM, a Paris Asset Management Company. It has decided to start a Bitcoin Mutual Fund.
This company operates with more than $9 billion dollars and it is not the only one that will offer Bitcoin as a possible investment. The Chicago Mercantile Exchange (CME) has also decided to offer Bitcoin Futures. This is an incredible opportunity for institutional investors to enter in the market. With this big amount of sums arriving to the cryptocurrency and Bitcoin market, the price is expected to keep growing further.
More Transactions in the Network
In November, Bitcoin has arrived at a new record, not only when we analyse the price, but also when we see how many transactions are done per day. On November the 20th, 371.000 transactions were registered in the network. That means that it was the day in which the larger number of transactions were performed in all Bitcoin history.
After the Chinese decision to ban ICOs and exchanges, the amount of transactions slowed down arriving at 2015 levels. Fortunately, the community could overcome this situation and keep increasing the number of transactions per day.
The situation that we are experiencing with Bitcoin shows that it is a really resilient virtual currency. This year it has suffered from several attacks from the media, being described as the “currency of the dark web”. Not only this but China, and other countries have decided to ban Bitcoin exchanges and ICOs. Furthermore, the Bitcoin network has suffered from the Bitcoin Cash fork, the Bitcoin Gold fork and the cancelled SegWit2x fork.