Bitcoin and the cryptocurrency market continues to surprise in 2017, now setting an all time high of over $9000 USD. The currency was worth only around $1,000 ten months ago but is powering through significantly beyond expectations. In fact many financial experts have been calling for the price to fall for a while but Bitcoin has proven all critics wrong. Considering the current rate, it should not take long for it to reach $10,000 as well. This massive growth will not continue without a very sharp correction and it might happen before the end of the year. However, the market is too irrational to make any valid calculations.
Bitcoin Momentum Continues
For those who have owned Bitcoin for a while, the current price serves as a validation. It should hit beyond $9,250 before the weekend is over, thanks to $4.57 billion in 24-hour trading volume. According to CoinMarketCap data, bitcoin rose 16.27 percent over the last seven days. According to Fortune, the extended surge can be explained by the entrance of a broader swathe of global retail investors in the market. In addition, it is far easier for individuals to buy cryptocurrency now than before. There are several number of online exchanges in comparison to a few years ago. Back then most investors did not even know what cryptocurrency is. Also, there are an increasing number of American “doomsday preppers” investing as they believe it is a more useful property than gold or USD in the even of a major disaster.
