By now, it should come as no surprise that we have seen yet another record shattered by bitcoin. Last week we covered the all-time high hit of $8000. The high was following a low period where it dropped down to $5500. So the question now is, will we see it hit that five-figure mark?
On Sunday, bitcoin shot past the $9000 mark. And, by early this morning we already saw it at $9500. At one point today it had even reached $9700, which makes the possibility of $10,000 appear to be very realistic.
A large role in this growth seems to be stemming from the decision to launch futures next month. This was announced by CME (the Chicago Mercantile Exchange) on Halloween. Since that announcement, the worth of bitcoin has grown by more than 50%.
This number of recent developments has some analysts calling this the “Great Bitcoin Boom of 2017”, and they’re not wrong. The cryptocurrency has had a shocking increase of 860% since the beginning of the year, a turn that almost nobody had predicted.
Of course, all of these record-breaking highs serve to remind us of the incredible volatility of bitcoin. It is unclear how long it will continue to climb. It was only in 2013, when it first hit the $1000 mark, that it had such a major crash that it was unable to recover until last year.
For now, bitcoin finds itself among the likes of IBM, McDonald’s, and Disney on the marketplace. Even more interesting to us is that it is currently worth seven times as much as one ounce of gold.
At the time of writing, bitcoin is selling at $9499.14.
This article is provided as a third party analysis and does not constitute any financial advice, which can only be provided by a certified financial adviser.