World’s first and the most popular cryptocurrency is gunning for $10,000. After topping $8,000 it has blown past $9000 in just less than a week. Bitcoin has overlooked each and every kind of hurdle, controversies and disagreements of it not being an asset. Although a number of popular businessmen and venture capitalists have added value to the cryptocurrency, many others were not far from criticizing its popularity. Over the past 2 weeks, Bitcoin has risen more than 40%.
According to a Bloomberg report, Thomas Glucksmann, the head of Gatecoin Ltd, a Hong Kong based cryptocurrency exchange said, “The weekend’s bitcoin price hike is just the continuation of a long-term bull run on the cryptocurrency, fueled by the tsunami of speculative trading on Japanese exchanges and the entrance of institutional investors across the world.”He also believes that the $10,000 psychological level will attract more institutional investors to it.
Also, the number of individual investors has increased due to the surge. Coinbase, which is the number one platform in the world for trading Bitcoins and Ethereum, has seen a remarkable growth in the number of accounts this year. According to Bespoke Investment Group LLC, It almost tripled to 13 million in the past year.
As on Monday, Bitcoin touched the record high of $9735.51. This was 17% above the late trading on last Friday. This rapid appreciation has made it difficult to the analysts to keep an up-to-date prediction. CME Group Inc. has planned to start offering Bitcoin future contracts and could be available for trading in December. Also the news came that JPMorgan Chase & Co. was weighing on the possibility of helping clients to bet on Bitcoins through future contracts.
The surge in the most popular cryptocurrency does not look to end for now. Let us wait for the next big milestone achievement of $10,000 and then what next..?