The price of Bitcoin keeps rising. Today, its price hit an all time high of $3,949. Its market capitalization is now $65 billion. Speculation could be driving its rise as a result of recent price surges. According to coinmarketcap.com, a website that tracks the market activity of cryptocurrencies around the world, the market capitalization of Bitcoin still dominates the crypto currency market with a 47 percent market share.
Past historical price rises
The cost of Bitcoin has surged twice in the past within a short period. Its first spike occurred in late 2013 when it moved from $205 on 4 October 2013 to $1,077 on December 4.
The cryptocurrency also experienced a spike in mid this year. On May 14 year, its price was $1,786; its price rose to $2,946 on June 11.
Bitcoin cash
Bitcoin cash was introduced on August 1 this year by a community of Bitcoin users. The introduction of this new cryptocurrency whose blockchain mirrors the blockchain transaction of Bitcoin was timely. Bitcoin cash was introduced to act as a substitute for expensive Bitcoins. It offers an alternative option for potential minority Bitcoin buyers. Its introductory cost was $370; a price that was eight times cheaper than the cost of Bitcoins. The continuous price rise of Bitcoin could increase the demand for cheap cryptocurrencies such as Bitcoin cash.
Its future
Its future seems to look bright as its price keeps rising. On March 31 this year, CNBC reported that a Saxo Bank analyst named Kay Van-Petersen predicted that its cost would reach $100,000 in the next decade. With that price, its market capitalization would hit $1.75 trillion. CEO of Gatecoin, Aurelien Menant early this year stated that its cost would reach $6,000 by the end of this year.
Aurelien's main reason for this rise was that there is a lot of fresh liquidity that is flowing into this cryptocurrency.
Cryptocoinsnews.com on May 23 this month wrote that a director at PayPal predicted that the cost of Bitcoin would reach $1 million in the next 5 to 10 years. Wences Casares who is also the CEO of Bitcoin wallet Xapo made this statement while he was at a conference in New York.
Another CNBC news article stated that stock research analyst Ronnie Moas published a 122-page report on July this year that detailed how cryptocurrencies will continue to rise and surpass the market share of stocks. In Moas's report, the cost of Bitcoin would reach $5,000 in 2018.
