Bitcoin continues its meteoric rise to the moon as it steadily sets new all-time highs. On Sunday November 26, the price of the cryptocurrency king rose as high as 9,103 dollars and it has since stayed above $9,000.
As the 1D chart below shows, bitcoin price has showed strong bullish movement during the past 24 hours, which naturally pushed it above the $9,000 barrier. At the same time, its market capitalization has risen above 150 billion dollars for the first in its history!
This development continues the general trend bitcoin price followed in the whole November. Bitcoin broke the $7,000 mark on November 2 as many individuals were buying like crazy hoping for free money due to the then-scheduled Segwit2X chain split on November 16.
As the chart below shows, bears prevailed in the crypto markets shortly after the Segwit2X cancellation on November 8, pushing bitcoin as low as $5,627, but the retraction lasted only for four days (November 9-13). Since November 13, bitcoin regained a strong upward price movement and it has been breaking all time highs ever since. It was no more than a week ago that Bitcoin hit the $8,000 mark for the first time and now even that seems a thing of the past.
The crazy bitcoin price rally in November can be attributed to a lot of factors. Here in JustCryptoNews.com we believe that the reasons behind the frenetic bitcoin price soar can be summarized as follows:
Growing Demand For Cryptocurrencies: There’s an explosion in demand for bitcoin from individuals and investors. As the recent announcement by Coinbase shows, people all around the globe are flocking to crypto exchanges to buy bitcoin. Coinbase alone reported that it was adding over 100,000 users a day in November.
Price Speculation: Many bitcoin oracles and bulls, such as Ronny Moas, and Mike Novogratz, are adamantly predicting that the price will soon go above $10,000 or even 2 million USD as Rick Falkvinge recently said. This ignites to many people a “buy” rush in order to have short-terms gains. It also leads many to buy now out of Fear Of Missing Out (FOMA), since they predict even stronger price rise when institutional money starts flowing in.
Big Money Coming In: At the same time, there’s a lot of evidence that Bitcoin is getting closer to Wall Street and the so-called institutional money. Bitcoin has been booming for the whole 2017, but mainstream institutional investors were mainly staying away of it, fearing light regulations, volatility and illiquidity. But that has been gradually changing as more established hedge funds are betting on bitcoin. Moreover, the recent announcement by CME Group, the company operating the world's largest options and futures exchange of the world, that it will offer Bitcoin futures before the end of 2017 is a hint to many that Bitcoin is indeed close to its mainstream moment.
What do you think? Will Bitcoin break the $10,000 mark before coming Christmas? Is it a bubble or it is ready to go mainstream?