It’s crazy! It’s real! It’s BITCOIN!
Bitcoin reached a new all-time high with 9000$. The year 2017 was incredible for the world’s leading cryptocurrency and everyone knew it was only a matter of time until the Bitcoin price reached a all-time-high like this. That’s a remarkable milestone for a currency so many people have willingly ignored to this very day.
With its numerous all-time highs, the Bitcoin price continues to amaze a lot of people. This is only to be expected, as the world’s leading cryptocurrency has been flexing its muscles all year long. Whereas financial moguls such as Jamie Dimon may doubt the potential of Bitcoin, the rest of the world seemingly disagrees. Surpassing 9000$ for the first time in history is a remarkable feat, especially for a currency that isn’t even ten years old.
It is not the first all-time high Bitcoin has seen in Q4 of 2017 either, as its momentum turned even more bullish last month. At the time, one Bitcoin was barely worth 4500$, which was a whopping 450% increase from January of this year. In October, few people assumed we would surpass 6000$, let alone reach 8500$ before the year was over.
It is evident there is no stopping Bitcoin right now from reaching that magical 10 000 USD mark, although it will not be easy by any means.
Considering Bitcoin’s rise over the past few months, it will be interesting to see how things play out when Christmas comes around. A lot of people will convert small amounts of Bitcoin to fiat for spending purposes. However, the dip may not be as steep as most people would like to see either. There is a lot of bullish momentum left in the Bitcoin markets, as this latest all-time high materialized after struggling to maintain the 8000 USD level these past few days.
With over $4.59 billion in 24-hour trading volume, the global demand for BTC should not be underestimated whatsoever. It is pretty interesting to see this massive amount of trading volume for Bitcoin right now, as we started the year with around $1 billion in daily volume. At the time, that was considered a major milestone, but things have certainly evolved in a nice direction ever since.
It may only be a matter of time before $5 billion per day is the new normal, but it is still too early to say that for sure.
What we think: How all of this will play out in the long run remains to be seen. With the Bitcoin price over 9000$ the future is looking incredibly bright. At the same time, a higher price will inevitably lead to even more market volatility, which may spell trouble up ahead. This is an interesting time to be involved with cryptocurrency, regardless of how much one’s portfolio is worth. This is only the beginning of what is yet to come for Bitcoin and those altcoins which have actual potential. What do you think?