The digital currency hit $10,000, according to CoinDesk, marking an exponential ascent from 6 cents seven years ago and less than $1,000 at the start of this year. Since bitcoin's market capitalization is less than $200 billion, enthusiasts point out the digital currency could rise dramatically if it draws even a tiny fraction of the world's $200 trillion in traditional financial market assets.
One bitcoin can now buy a Tiffany engagement ring. The digital currency hit $10,000 Tuesday marking an exponential ascent from 6 cents seven years ago and less than $1,000 at the start of this year. The cryptocurrency had hovered above the $9,800 level for most of the day, but finally broke through the milestone level around 8:30 p.m. After a brief stutter, bitcoin continued its ascent, reaching $10,044.29 some 20 minutes later.
Since bitcoin's market capitalization is less than $200 billion, enthusiasts point out the digital currency could rise dramatically if it draws even a tiny fraction of the world's $200 trillion in traditional financial market assets. More on this here... The whole Bitcoin community and even those outside looking in are all ecstatic when finally Bitcoin reached the $10,000 which was just a big wish two months ago. When that civil war erupted between people supporting Bitcoin and that of BitCoinCash, many scaled down their growth projection for Bitcoin thinking that it can require many months before it would settle at $10,000. Surprisingly, Bitcoin made so many surges and later on a hyperjump towards $10K and now we are already at the level which can be considered as a big crossroad for the King of the Crypto. What direction the coin would be trudging from here on would depend on many factors but considering how positive is the market and there seems to be no big bad news on the horizon, I am expecting for a continuing rise for Bitcoin.
Do you share the same general sentiment or you think there can be a crash following on the steps Bitcoin has taken lately?
