In less than two weeks, the price of bitcoin has increased from less than $7,800 to $9,400 at time of press. Throughout the surge, the daily trading volume of bitcoin has increased significantly, from around $2 billion to $4.6 billion. Currently, bitcoin is substantially more liquid than the most liquid stock on earth that is Apple, and process more trades than several major stock markets.
Times have changed.
Bitcoin has had a fashionable year all around, as mainstream media and the masses are taking notice of the currency’s benefits. Every single top publication and television news channel worldwide has mentioned bitcoin this year, and most of them are talking about it optimistically. Bitcoin has risen 700 percent in this year alone and it keeps on going as big money keeps pouring in. A year or two ago the banks were calling Bitcoin a scam, a scheme, a balloon doomed to fail, a joke and what not. Today, big banks and Wall Street are trading and investing in Bitcoin.
The currency is being used more than ever before
There are roughly 260,000-380,000 transactions confirmed on the network every single day. Bitcoin’s amazing gains have helped drive the combined market value for all cryptocurrencies to yet another at a new high of $285 billion and Bitcoin’s market capitalization is now almost $151 billion.
10.000 coming soon?
In September of 2014, in an interview with Fox Business, Tim Draper claimed Bitcoin would hit $10,000 USD in three years. To put that in perspective, Bitcoin was worth $413 USD at the time of the interview.Billionaire and ex-fund manager Mike Novogratz has restated his belief that bitcoin will end the year at $10,000 and it certainly looks like they both might be right. With plans to start a $500 million fund for cryptocurrencies, token sales, and related startups, called the Galaxy Digital Asset fund, Novogratz is most certainly confident in his predictions.
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