A New Day, a New Record – Bitcoin Blazes past the $16,000 Mark

Jinia Shawdagor · December 7, 2017 · 11:45 am

The charge continues as the Bitcoin bull continues to break record after record. Barely 24 hours ago, the cryptocurrency was trading at just under $13,000, climbing throughout the day to breach $14k and $15k milestones. Bitcoin has reached yet another all-time high as the price now stands at an incredible $16,568.

The past 24 hours have been an exciting ride for Bitcoin investors and enthusiasts. The price of the popular digital currency has surged by nearly 30% and the total market cap has swelled to $280 billion with a 24-hour trade volume of just over $16.3 billion.

Bitcoin breaches $16k milestone

A Buying Spree for Investors

Less than a week ago, Bitcoin pushed past the $10,000 mark, a big milestone for the cryptocurrency that caught the attention of news outlets around the world. Since then, Bitcoin has been experiencing a major buying spree, with many investors hoping to cash in on ever-climbing price increases.

This “Bitcoin rush” has defied the many warnings that some financial analysts have been giving about it being a potential bubble waiting to pop. With CBOE launching Bitcoin futures trading on December 10, followed by CME Group on December 18 and Nasdaq sometime in the first half of 2018, however, it seems like Bitcoin has achieved mainstream legitimacy at last.

As prices continue to climb, more and more new entrants, from high-frequency traders to retail investors, have piled into the cryptocurrency. Coinbase recently released data showing that they are adding as many as 100,000 new users or more per day to their platform, bringing the current total to 13,3 million users.

Things are looking bright for Bitcoin and the question on everyone’s mind is “How high will it go?” The answer is anyone’s guess, but one thing is certain – it’s time to buckle up and hang on tight because we are in for one wild ride.

What do you think about this massive increase in the value of bitcoin? Do you expect the prices to blaze even higher or correct? Let us hear what you think.

Images courtesy of CoinMarketCap, Shutterstock

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