The price of Bitcoin surpassed the $6,000 mark on Friday evening. Its value reached an all-time high of $6,159 on Saturday morning. Its Market Capitalization also surpassed the $100 billion mark on Friday. Bitcoin now dominates the cryptocurrency market capitalization with 58 percent, followed by Ethereum with a 16 percent share in market capitalization. Bitcoin keeps breaking new price records as its adoption by merchants and users keeps rising.

Why Bitcoin's price is rising

The price increase of Bitcoins could be as a result of speculation in the market. Speculators continue to make profits by hoarding the coins. The cost of Bitcoin has risen fast compared to prices of stocks and other assets.

One year ago, the value of one Bitcoin was $632. Its value has increased by tenfold within a year. Its price three months ago was $2,674; its price has therefore risen by 129 percent in the last three months. Such price rises make Bitcoin a more profitable investment than other investments such as stocks.

Another factor that is causing the price of Bitcoin to rise is its increased adoption by merchants and users. Such individuals use cryptocurrencies such as Bitcoins to surpass banking and credit card regulations as well as reduce the time it takes to transfer digital payment from one user to another.

Bitcoin price predictions

Several entities and individuals have predicted that the price of Bitcoin will continue to rise to unimaginable levels. On the 18th of this month, Cryptocoinsnews reported that a hedge fund manager named Mark Yusko forecasted that bitcoin's price is capable of reaching $1 million in the long term due to its increased adoption by investors who want to use it as a store of value.

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The publication also reported that former wall street investor Mike Novogratz predicted that the price of Bitcoin would reach $10,000 in early 2018.

The future price of Bitcoin

The expected increase in the cost of Bitcoin will depend on the rise in the adoption of the cryptocurrency. More people may adopt Bitcoins to evade government banking laws and regulations. The value of Bitcoin in the future will also depend on government support on the adoption of cryptocurrencies by the public. The value of cryptocurrencies plunged early last month when the Chinese government began a crackdown on cryptocurrency exchange sites and well as Initial Coin Offerings (ICO) because they operated outside government regulations.