Bitcoin Price Touches 9000 USD Setting A New Record

The Bitcoin price has risen up to 9000 USD on November 26 for the first time like never before. Since this november, the surge in price of Bitcoin has been continuous. And, now it has become the world’s 30th largest currency. It has surpassed the Singapore dollar and UAE dirham and  others. Despite the fact that cynics had been forecasting a downfall in the cryptocurrency for years, Bitcoin has maintained its upsurge in the price for the duration. The market cap value of this cryptocurrency(Bitcoin) is $152 billion.

Bitcoin is a digital currency which is decentralized. According to the rules of blockchain which tracks  bitcoin, states that there will only ever be 21M bitcoin produced.  People are becoming indulgent towards the bitcoin and cryptocurrency investment currently. The monetary value of a bitcoin keeps on rising everyday. For bitcoin, 2017 has been a wonderful year in terms of  its market price. Starting from january this year, it was $1000. And in October it has outperformed $4500. At press time, the cost per BTC is at an unequaled high of $9020 per token.

Bitcoin’s demand will keep on rising. Bitcoin’s value is expected to come near $11,500 by the mid of 2018 according to Tom Lee, (he is the managing partner and head of researcher at Fundstrat Global Advisors). According to the Billionaire businessman Mark Cuban, many people are opening up new accounts and investing in bitcoin. This number is growing rapidly. And the people who possess it are not selling it. Because, it will be unwise decision to sell it as long as the demand of cryptocurrency is persisting in the market. Everyday , 240,000-370,000 bitcoin transactions are validated on the decentralised network of cryptocurrency. Since the beginning of this year, Bitcoin has received criticism and  baseless flak from traditional finance institutes. However, Bitcoin has managed to come out of it  with continuous growth in its value. As stated by CEO Brian Armstrong, nearly $10 billion worth of institutional money is likely to be invested into the bitcoin market in the forthcoming months. Thus, there is a possibility of adding upto  $100 billion to bitcoin's market cap. 

You may also read: New Hard Fork Update Arrives For Bitcoin Cash

In this year, people have started giving attention to the benefits of cryptocurrency. Also, nearly all TV channels and top publications globally have spoken well about bitcoin. As compared to 2015, people around the world have now become more acquainted with the term bitcoin. Bitcoin has now turned into a major contender in the market of cryptocurrency across the world. Now, Let’s see. How far will it be heading in the coming future from $9000 this year?.