The $10,000 milestone is fast approaching and all bets are on for whether or not the price will get there by the end of 2017. At this rate it looks likely.
Why is Bitcoin rising so fast?
There are many reasons the Bitcoin price is rising so fast, but here are a few significant events which may have contributed to the price surge recently.
- CME groups announcement – CME Group announced they will be launching a Bitcoin futures market by the end of the year. Although this was 2 weeks ago now, as we wrote 100,000 new Coinbase accounts were created just 24 hours after the announcement. Now many of those new accounts will have been limited, but after 2 weeks many of them may have started buying!
- Recently we’ve seen the Bitcoin Cash price increase to over $1000, many of which may have pulled money out of Bitcoin to do so. Now the Bitcoin Cash price is subsiding as the Bitcoin price is rising meaning people, whether manipulation or not, will be moving their funds back into Bitcoin.
- Media Attention around Bitcoin is growing faster and faster, and as the price rises higher, more people start to recognise the potential of Bitcoin as an investment.
- Bitcoin usage is being considered and adopted by large companies every day which adds confidence to public investors and speculators.
The cryptocurrency market is without a doubt one of the most interesting, fascinating and down right unbelievable markets the world has ever seen! Enjoy your gains if you’re already invested. If not, do your research and consider whether or not it’s right for you.
Have a look at these videos from earlier in the year predicting what the Bitcoin price would be. They seem fairly comical looking back as we close in on 5 figures. Right on the mark though, onward and upward we go.
Good Luck to everybody.