Bitcoin has crossed the colossal $10,000 milestone. The world’s leading crypto currency, with a market cap of $160 billion, has been on an incredible run this week. At the moment, Bitcoin is trading at $10,600.00. (Source: CoinMarketCap)
Industry experts are backing the blockchain technology and crypto currency, calling it the future. Michael Novogratz, a former Fortress hedge fund manager, said that Bitcoin could increase four-folds in the next 13 months to reach $40,000 by the end of 2018. He also added that Ethereum could triple to hit $1500 by the end of 2018. Novogratz said he expects that market cap of crypto currencies could increase by about six times to reach $2 trillion at the end of next year.
Since its introduction in 2009, the virtual currency price has gone through various cycles of appreciation and depreciation. In 2011, the value of one Bitcoin recorded a sharp rise – from about $0.30 to $32 – before returning to $2. At the end of 2012, the Bitcoin price rose to $266 on 10 April 2013, before crashing to around $50.
In November 2013, the cost of one Bitcoin crossed $1,000 barrier for the first time. On 3 March 2017, the price of a Bitcoin overtook the market value of an ounce of gold for the first time.
On 1 August 2017, Bitcoin split into two derivative digital currencies – the classic Bitcoin (BTC) and a hard fork, Bitcoin Cash (BCH).
For almost a year now, the Bitcoin price has been in an uptrend. Bitcoin has seen an increase by $1,400 in the past two days and an increase of over 20 percent in the past week. The most valued crypto currency alone contributes a $160.8 billion share in the $300 billion total cryptocurrency market cap. According to the largest bitcoin exchange in the U.S., Coinbase, Bitcoin has a 13.1 million strong user base.