Bitcoin Boom: Price rocketed $3,000 milestone

8 years ago - Published in Finance, Fintech Land, Technical Analysis

Bitcoin traded above $3,000 for the first time on Sunday, continuing this year's massive surge and helped by increased demand from Asia-based investors.

After trading in a range for the last week, bitcoin climbed to an all-time high Sunday of $3,012.05, according to CoinDesk.
The new record comes at a time when alternative digital assets are seeing robust inflows, with ethereum's ether token setting a new all-time high of more than $300 today as well.

A continually upward demand among investors in Asian markets is helping fuel bitcoin’s bull run as China returns near the top of the global trading markets following the resumption of Bitcoin withdrawals in June. Further, there is no longer a premium on prices in the Japanese and Korean markets, the second and third largest trading markets in the world.

Indeed, analysts spoke to the ongoing broadening of the cryptocurrency market as a tide that is benefitting bitcoin.
The cryptocurrency’s remarkable gains have not gone unnoticed in the mainstream. Last week, a year-to-day bitcoin price chart was spotted on the front-page of the Wall Street Journal, alongside gold.

Bitcoin’s run has also been helped by the meteoric rise in investments into alternative cryptocurrencies, led by Ethereum, Litecoin and Ripple. The combined market cap of all cryptocurrencies struck $100 billion for the first time in history last week, growing over 500% since the turn of the year.

If we take a look at predictions made just a few months ago, Saxo Bank Outrageous Predictions for 2017, which is a Forex industry annual tradition – has made a prediction that was triple the price at that time, which was thought to be outrageous. However, seeing that the ‘’outrageous’’ prediction was a $1000 less than the actual price is at this time. The $2000 price, was cleared in less than 6 months which was in itself unbelievable.

Saxo Bank analyst Kay Van-Petersen has predicted the value of bitcoin to top $100,000 in 10 years. As things stand, bitcoin prices have tripled so far this year. However, seeing that this popular cryptocurrency has surpassed every expectation thus far, it will probably continue to do so.