Bitcoin Proves to be Unstoppable After Crossing $10,000
Posted by AZEEM ULLAH
And so it happened. Continuing its massive momentum of growth it embarked on almost a year ago, Bitcoin in the early hours of the morning crossed the $10,000 benchmark for the first time ever.
It doesn’t seems to matter much, considering the bigger picture, as it continued to climb to a record high of $10,831.75, before a sharp decline brought it down to around $10,120. As of latest, it hovers around the $10,600 mark.
Dominating The Cryptocurrency Market
As of now, the currency has a market capitalization of almost $175 billion, which is more than half that of the entire cryptocurrency market. Ethereum comes next at $46 billion. The entire circle has a value of around $325 billion, having crossed the $200 billion mark in early November (after crossing the $100 billion mark in June).
Billionaire investor Mike Novogratz, who had previously predicted Bitcoin to reach the latest benchmark before the end of year, now reckons it has enough potential to reach $40,000 by the end of 2018.
A Sliver of The Financial Assets Market
Currently it comprises a small chunk of the $200 trillion financial assets markets, it could see a huge increase in value if the traditional finance juggernauts think it worth their while to start including it in their trade.
It still has its deniers and debunkers, including JPMorgan Chase CEO Jamie Dimon, however, as investors like Novogratz and even Dimon signify, Bitcoin is not an ignorable force anymore.
Best Month?
Bitcoin looks to end what is easily its best month yet on a high note. The currency’s value hovered around $6000 during late October, while in mid-November it dipped below that point. Since then it has rallied, making a price tag twice as large appear to be a possibility.
As is always the case with Bitcoin, the next crisis is never more than a few minutes away, though its current value means that even if such an event occurs, it would remain a potent force.
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