Bitcoin continues a seemingly unstoppable race to the moon, as the price of the cryptocurrency king increased by 18% in the last 24 hours reaching a new all time high at $15,080 dollars at the time of writing. It was at $12,677 just the day before and $10,327 on November 30!
The mother of all cryptocurrencies now commands a whooping $252 billion dollars in market capitalization. If Bitcoin was a company, it would be effectively catapulted to the top-10 companies of the world. For comparison, the market cap of Visa is currently below $250 billion.
Bitcoin has been on an unprecedented rally since the failure of the controversial Segwit2X hard fork, which was cancelled at November 8. At that day, the price of a single BTC was around $7,000 dollars. In the next few days it declined as low as 5,756 at November 12, as markets were waiting the dust to settle and see what next.
After that day, probably powered by established exchanges (CBOE, Nasdaq, CME Group etc) announcing bitcoin futures products, Bitcoin started its crazy bullish run: its dollar value was doubled by the end of November, breaking the 10,000 mark on November 28, but the buy frenzy was heightened in these first few days of December. See the chart:
Bitcoin price has been increased by 43% in a single week as the zoomed in chart below shows.
Many commentators believe that CME Group's announcement of bitcoin futures was the crucial point which helped Bitcoin finally made it to the mainstream. Since then the cryptocurrency has followed an unbelievable trajectory obliging even hard core fans to raise their mid-term predictions. At the same time, economy figureheads are divided about whether Bitcoin a bubble or a new paradigm.
What do you think? Will Bitcoin continue its price rally? Is it a bubble as some believe? If so, when will it pop?