When the history of Bitcoin and blockchains is written, 2017 will be the year tagged as the “turning point” when Bitcoin and “red hot” blockchain technology went mainstream. The steadily rising bitcoin price and market cap is a key, though not the only, indicator that a tipping point has been reached.
Tai Lopez, a prominent investor and analyst, has stated that if the world’s millionaires allocate merely 1 percent of their holdings into bitcoin, the bitcoin price could reach $60,000 in the mid-term.
The poll of former Texas congressman Ron Paul participated by more than 43,000 social media users has shown that the majority of respondents would rather have bitcoin over gold, US Treasury Bond, and the US dollar.
Bitcoin surpassed $10K yesterday. To many, the event was a mark of Bitcoin’s accomplishments. But yet, others are concerned that bitcoin has become too speculative, and a pop in the bubble could be damaging.
Introduced in 2009, bitcoin sort of flew under most people’s radars for several years, until 2012, when it became associated with Silk Road, the now-defunct dark marketplace.
Earlier today, on December 2, the bitcoin price recovered to $10,500, after dipping below $9,000 on November 30.
Since November 1, within a one-month span, the bitcoin price demonstrated a staggering 42.
After surging to $11,441, establishing a new all-time high for the third time this week, the bitcoin price has declined to $9,200.
On November 29, CCN reported that the price of bitcoin surged from around $10,000 to $10,884, recording an $800 daily increase in value.
Bitcoin Cash, Litecoin, and Ethereum price have declined by over 20 percent over the past 24 hours, as the entire cryptocurrency market experienced a major correction.
Bitcoin Cash declined to the $1,200 region for the first time since November 12, while the price of Ether has dropped below $400 after surging to nearly $500 in the past week.
Bitcoin price has surpassed $12,000 in both South Korea and Japan, two major bitcoin markets that are accountable for approximately 74 percent of global bitcoin trades.
South Korea: $12,653
In South Korea, bitcoin is being traded with a premium of over $1,270, a 12 percent premium rate.
The bitcoin price has achieved a new all-time high once again this week at $10,884. The market valuation of bitcoin has surpassed $180 billion, securing a market valuation that is higher than most major financial institutions.
Factors of Bitcoin Price Increase
Initially, optimism surrounding tens of billions of dollars in institutional money being moved into the bitcoin market triggered investors within the cryptocurrency and traditional finance markets to invest in bitcoin.
Billionaire hedge fund legend and former Fortress executive Mike Novogratz believes the bitcoin price will “easily reach” $40,000 by 2018.
On CNBC’s Fast Money, Novogratz expressed his optimism towards both bitcoin and Ethereum in the mid-term. Novogratz, who has predicted the price of bitcoin to achieve the $10,000 mark before the end of 2017, stated that bitcoin price will quadruple by the end of 2018, and the price of Ether, the native cryptocurrency of Ethereum, will triple in value.
On November 27, the bitcoin price achieved a new all-time high for the second time in the past 24 hours, surpassing $9,771 and moving closer towards $10,000.
Yesterday, on November 26, CCN reported that the price of bitcoin established a new all-time high at $9,060.
Trace Mayer, a prominent early-stage bitcoin investor who has funded Kraken, Armory, and BitPay, revealed that bitcoin is already the 30th largest currency in the world, and has surpassed the value of major fiat currencies such as the Singapore dollar and the United Arab Emirates dirham, closing on the market cap of Mastercard.
Bitcoin Overtakes Leading Fiat Currencies
From January of 2017 to November, the market valuation of bitcoin increased from less than $15 billion to $156 billion.
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