Bitcoin has crossed the $9.000 dollars’ barrier and arrived at $9400 later on November the 26th. After this increase in its price, the $10.000 dollars’ level is nearer than never before. If Bitcoin keeps its upward trend, this price level could be reached before 2018. At the moment, it is being traded around $9300 dollars.
Bitcoin Price Surged Thanks to Investors
Bitcoin has seen an incredible price increase due to new investors coming to the cryptocurrency field. Different hedge funds, banks and enterprises are starting to offer different solutions in order to attract institutional investors. The cryptocurrency world is experiencing an incredible growth in the last weeks. The market capitalization of all the cryptocurrencies arrives at $291 billion dollars. And Bitcoin accounts for $154 billion dollars.
Since the beginning of the year, Bitcoin price has almost grown 10 times. It was traded at $960 and in the next weeks it could arrive at $10.000 dollars. Different investors are starting to look carefully at this currency.
The Chicago Mercantile Exchange (CME) has decided to offer Bitcoin futures for its investors. If just a fraction of CME’s clients decides to invest in Bitcoin, its price could keep increasing. There will be more liquidity and institutional investors ready to introduce money in the system. In this way Bitcoin price will have difficulties to make a big price correction.
Mike Novogratz, Bill Miller and Jamie Dimon’s daughter, have also invested in Bitcoin. Mike Novogratz has started a crypto hedge fund with $500 million dollars and is expected to keep rising more money.
Bill Miller has revealed that Miller Value Partner’s MVP1 hedge fund holds 30 percent of its investments in Bitcoin. He has also said that MVP1 has bought Bitcoin at $350 dollars and that he will invest 2 percent of his net worth in the famous cryptocurrency.
ROFEX, the biggest futures market in Argentina has also decided to adopt Bitcoin. TOBAM, Paris Asset Management Company will start a Bitcoin Mutual Fund.
Bitcoin’s incredible performance has outperformed most of the other cryptocurrencies in the market. In the last 24 hours it has registered an 8.15 percent increase. Bitcoin market share is at 53 percent now, while at the beginning of the year this number was 90 percent. This year was an incredible one for the cryptocurrency market in general. ICOs have risen more than 3 billion dollars and they are expected to grow in 2018.
Ether has grown this year nearly 5000 percent. Bitcoin Cash has forked from the original Bitcoin network and now accounts for 10 percent of the cryptocurrency market capitalization. But Bitcoin keeps being the favourite virtual currency to invest in. It is traded in most of the exchanges and different institutions work with it.
Will Bitcoin arrive at $10.000 before the end of the year? What do you think?