Bitcoin, the fastest growing Cryptocurrency, crossed the $ 8000 mark for the first time on Sunday, 19 November 2017. According to data from CoinDesk’s Bitcoin Price Index, between 20:00 and 20:15 Universal Time Coordinated, the Bitcoin’s price climbed to $8,101.91.
Bitcoin rose 700% this year following three separate slumps of more than 25% in value. Post this surge, the largest cryptocurrency recorded a market capitalization of $ 133 billion. Despite dropping to $ 5,600 one week ago, Bitcoin picked up again to reach a market cap that is $ 100 billion more than Ethereum.
Although skeptics have called the asset a bubble waiting to pop, investors set aside raising technology concerns in part due to speculation around pending future product launches. Goldman Sachs analysts were the first to predict the price of bitcoin could surge as high as $ 8,000 sometime last week. The cryptocurrency has also been gaining acceptance by professional investors. The world’s biggest exchange, CME Group Inc., also announced to start trading on bitcoin by next month.
Week on week, Bitcoins trade value raised by 12% making a remarkable “V shaped” recovery from last week’s decline. While many different opinions surround the future of digital cash, the price of the cryptocurrency rose more than 26% this month itself. At the moment, Bitcoin holds 56% of the cryptocurrency marketshare, while Ethereum has captured close to 14.5% of the market. As of Monday morning, Bitcoin was priced at $8036.98.
Bitcoin and other cryptocurrency gained traction over the years because they make it difficult for marketers to collect the kind of data on consumers that help in the preparation of advertising and marketing strategies. By November last year, cryptocurrencies reached a market capitalization of over $ 13.8 billion and are on its way to become the preferred payment method in the world.
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