Bitcoin has finally overcome the biggest psychological barrier. A new Bitcoin all-time high of $10,000 has been exceeded and there are no signs of a slowdown. After a week of consolidation to all-time highs of $8,000, Bitcoin gathered its strength to rise over the Thanksgiving weekend.
One bitcoin all-time high after the other
On Black Friday, the currency reached new highs in the upper $8,000 range before surpassing the $9,000 level on Saturday and immediately jumping to the $10,000 level on Sunday. This price increase follows an unusually strong growth in volume, with the fear of missing the trend (FOMO) stimulating new investors.
Bitcoin has had an amazing year. The price increase to over 10,000 US dollars is associated with incredible changes. This growth is not Flash-in-the-Pan either, but is supported by the increasing acceptance of the mainstream and massive trading volumes. In the last 24 hours, Bitcoin’s trading volume has exceeded $5 billion. Is the Bitcoin all-time high even justified?
The year was filled with important announcements that signal the broad acceptance and growth of Bitcoin. Comprehensive coverage by mainstream analysts was followed by enormous growth in bitcoin hedge funds and institutional investors.
Now the introduction of regulated futures markets is imminent and Bitcoin has become the investment du jour of the financial world. Whether they love it or hate it, big bankers can’t shut their mouths to Bitcoin.
The attention Bitcoin has received from the mainstream media has been amazing. Just a year ago, a local newspaper mentioned Bitcoin and the community was thrilled. Large publications mention Bitcoin every day, and no one is surprised. Bitcoin has literally become viral.
In addition, the growth of hedge funds investing in crypto currencies has also exploded. Already in August, the news that 70 new funds could start was a headline.
Another important factor for Bitcoin’s significant gains is the fact that Bitcoin futures will soon be traded on major regulated markets. Two of the world’s largest derivatives markets, the Chicago Mercantile Exchange (CME) and the Chicago Board of Options Exchange (CBOE), will soon launch bitcoin futures.
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The network is growing
With increasing acceptance, the network is forced to keep pace. However, Bitcoin continued to maintain a large transaction volume as the price has risen. The daily transaction volume now exceeds $2 billion.
While the transaction rate continues to grow, bitcoin mining has also proven increasingly profitable. Miners today earn $1.5 million in fees alone, without block rewards.
The figures are breathtaking, but the most encouraging thing is that market growth cannot be localised geographically. A simple analysis of diagrams from different countries around the world shows that adoption is not local, but global and almost uniform.
Part of the growth in global access is also due to the sudden rise in bitcoin ATMs. Remarkable 4.8 Bitcoin ATMs are installed daily, and these numbers will only continue to grow.
With all this news, it should come as no surprise that Bitcoin has passed the $10,000 mark. And the price will undoubtedly rise as adoption progresses, as new users have to buy at current prices and will increase the price.
Whether the bulls or bears will ultimately make their way remains to be seen, but an analysis of volumes and transactions would indicate that not only is there no bubble, but the vast majority of the public is beginning to become aware of the digital currency. Coinbase and other exchanges report enormous progress in user growth. This could just be the beginning.