The Bitcoin price has increased over 60% in the last 30 days and 20% in the last 7 days, hitting a high of around $9,650 at time of writing, which has pushed Bitcoin’s market cap to over $160 billion dollars. The total cryptocurrency market cap is over $301 billion dollars across all cryptocurrency exchanges. This huge price surge could be coming from many different sources – but financial experts around the world have been increasingly singing Bitcoin and blockchain’s praises as it becomes more legitimized. If bitcoin continues to rise at this rate it will break $10,000 within a few days. Which will more than likely cause another price surge as more people see bitcoin as worthy of a long term investment.
On the flip side, one thing to consider though is whether or not a large number of sells will take place at $10,000 by those who have that as their profit taking number, which would drive the price down. In the long term, whether or not buying power will overcome that is yet to be seen.
Other cryptocurrencies on the rise as well as Bitcoin
Other altcoins seem to be riding on current bitcoin surge, with Ethereum up past its all time high of $414, now at $475, its gains slightly less than bitcoin at 61% in the last 30 days. Bitcoin Cash also seems to have fared well after its jump earlier this month, now sitting at $1,665 at time of writing with a 7 day gain of 42%. December and 2018 look as if they are going to be a very interesting time for the cryptocurrency market, maybe in the green – maybe in the red, but only time will tell.