Bitcoin surged from $8,000 to $9,750 this weekend, proving all cryptocurrency doubters wrong while simultaneously shaking up the market. There is no longer any question that Bitcoin will reach the magical $10,000 mark by the end of the year. The question now is how much more will the digital currency grow.
Over the weekend, Bitcoin managed to break several records within hours. First, Bitcoin hit $8,500 on Saturday shocking the market and destroying everyone’s doubt that the currency wouldn’t make it to $10,000 by the end of the year. Then, early Sunday the currency broke $9,000 shaking the market up even more. But that was not enough. Later that same day, just a few hours after the latest record high price, Bitcoin surged to an astonishing $9,500 per coin dumbfounding everyone, even Bitcoin experts.
Incredibly enough, the crazy price race didn’t end there and when the European markets opened on Monday morning, Bitcoin skyrocketed up to $9,750 dollars before settling just above $9,700.
Bitcoin’s price development during 2017 has been completely unprecedented. This last weekend’s movements have put all other record prices, including the currency’s own, to shame. The latest price means that Bitcoin has gained over 870% percent this past year, which is more than any other currency has done ever before. Thus, it is putting a new goal in people’s mind. Instead of betting on if Bitcoin will reach $10,000 by the end of the year, people are now asking how high it will grow. In fact, if you consider the last two week’s developments it would not be impossible for Bitcoin to close in on $15,000 by the end of the year, bringing the cryptocurrency’s total yearly price gain to over 1,000%.
Still, with these quick movements and profits comes risk, and not everyone is as positive about the hype surrounding Bitcoin. Among many others, JPMorgan Chase CEO Jamie Dimon has raised concerns about the digital currency community. In October Dimon called everyone buying Bitcoin “stupid,” and warned that they would all “ultimately pay the price for it.” His main worry is that no central bank is supporting the currency, and thus there is no safety net for its users.
The risk with these price developments is that a bubble is forming and if that bubble bursts the consequences could be catastrophic.
However, as of yet, we have not seen any warnings that would indicate that the Bitcoin price will collapse. In fact, according to the latest data, Bitcoin as well as other cryptocurrencies, are set to continue in the same direction for 2018. Because as we all know, Bitcoin’s value is based on demand, and these record-breaking prices are doing nothing more than creating more interest and a higher demand.