Bitcoin Price Reaches $10,000 Mark in Historic Move
November 29th, 2017 will forever remain one of the best days in the Bitcoin history. On this day, the price of Bitcoin achieved an epoch-making turning point, going past the mark of $10,000, ($10,044 to be precise), which is the first to happen since it was launched. This happened after a day of full of offhand approaches. Although analysts and investors have spent most of their times pondering whether the new price of Bitcoin is just a theoretical illusion or Bitcoin is moving to its right place, one thing remains clear; Bitcoin is on the move to become mainstream.
Having moved to $9,000 just barely three days ago, Bitcoin – the world’s largest cryptocurrency in terms of market capitalization – reached a new high $10,044 USD by November 29th at 1:45 UTC. It is a move that was seen after South Korean exchanges witnessed trading above that threshold for two days; November 28th and 29th.
The United States exchanges, on the other hand, are yet to mark that kind of milestone. It is also important to note that domestic exchanges such as Paxos’ itBit exchange, Coinbase’s GDAX exchange and Gemini have been posting spot prices that are over the $10,000 mark.
With this kind of move, it can now be safely said that Bitcoin has moved up more than 900% on a year-to-date basis, with its prices moving 230% since a low of $3,000 witnessed in the midst of the month of September.
This kind of breakneck rise has also had serious effects on other cryptocurrencies. It has pushed the combined market value for all existing cryptocurrencies to a new high. According to the cryptocurrency market data, the market capitalization of Bitcoin is now fast approaching $170 billion.
Throwback To 1994: How Bitcoin Has Improved
According to the sentiments shared in a recent Forbes op-ed by Ari Paul, BlockTower Capital executive, Bitcoin both as an asset and protocol is at approximately the similar degree of adoption and development as the Internet was in 1994.
Less than 1% of the total global population is currently benefiting from the services of Bitcoin. However, the number has really swelled this year as a result of so many factors. Some of these factors are network-related issues and competition from other service providers providing a better user experience.
Internet adoption also officially began in 1994 when the total number of websites historically rose to 2,738 from just 130 on the previous year. The first few websites offered the ordinary consumer with their first real incentive to get Internet access, but innovation introduced other numerous things as the years progressed. It is imperative to note that even these developments could never have been realized if the first mainstream users didn’t get a reason to join the network.
The same applies to Bitcoin, which for a long time has bedazzled its users with a promise of future improvement, but in 2017, Bitcoin has proven beyond any reasonable doubt that it can work as a Swiss bank in the pocket. Its utility as a store of value has been clearly seen, and it has confirmed that it can be an uncensorable medium of exchange, having worked in Venezuela and Zimbabwe; countries with hyperinflated economies.
Forked Rivals Take Different Paths as Bitcoin Prices Rise
The stellar rally of Bitcoin past the $10,000 mark seems to have boosted the price of its two recently forked spin-offs; Bitcoin Gold (BTG), and Bitcoin Cash (BCH). One fundamental question is whether they will be able to maintain the momentum.
Bitcoin Cash, for instance, has gained 416% for September lows that were close to $300, whereas the mother cryptocurrency has obtained 235% over that amount of time. Looking at it on a year-to-date basis, Bitcoin is up almost 900%.
According to Mike Novogratz, who is the former Fortress executive and a billionaire hedge fund legend; Bitcoin’s price will easily hit $40,000 by the year 2018. This actually could be true from the look of things right now.