Bitcoin’s forward trajectory has continued with the cryptocurrency’s dollar price rising above the $9000 mark – as of today, it stands at $9730 as it draws closer to the $10,000 region. This should come as no surprise as Bitcoin has gained a lot of popularity by breaching its all-time highs month after month. The price surge is expected to continue and maintain a similar trend as we approach 2018. This year, 2017, has been a particularly great year for Bitcoin in regards to its value. What began as a $1000-mark breach back in January marked the onset of the currency’s best year.
Is Bitcoin Liquidity Increasing?
In just two weeks or less, Bitcoins’ price has shot up from less than $7800 to over $9060, a surge that has caused a significant increase in its trading volume from about $2 billion to over $4.6 billion. This makes Bitcoin more liquid than even the most liquid stock in the world, a title that was previously held by Apple. Furthermore, Bitcoin now processes more trades than the major stock markets in the world like KOSDAQ in South Korea. As major financial institutions like the Man Group, a $95 billion hedge fund, participate in strictly regulated Bitcoin exchanges in the coming weeks, the price of Bitcoin might surpass $10,000 sooner than anticipated. In fact, financial firms like StandPoint and Wall Street analysts have already set new highs for Bitcoin’s interim price target moving it up from the previous $10,000 to $14,000.
According to StandPoint founder Ronnie Moas, “There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin’s way have been knocked down.”
Bitcoin mining is now more profitable than it has ever been in its 9-year life – only 4.3 million Bitcoins are left to mine as nearly 75 percent of the decentralized currency has already been mined and is used in the over 250,000 daily transactions on the network.