There are a lot of people who were skeptical about the future of Bitcoins – and cryptocurrency in general. I know a few people that thought it was just a fad and would soon lose its value.
This digital currency, however, has decided to put them to shame.
The price of Bitcoin has shot up to over 26% this month itself. As a result, Bitcoin crossed $8,000 on Sunday.
As per CoinDesk’s Bitcoin Price Index, the price of Bitcoin jumped to $8,101 at around 20:00 UTC. Several hours earlier, the price had crossed $8,000 threshold. Currently, Bitcoin is trading a little below $8,000, but the overall trend is positive.
If we look at Bitcoin’s overall journey throughout the year, it has risen more than 700 percent this year. However, earlier this month, it saw a tumbling of more than 25%.
This fresh and recent boost in the price can be attributed to some stability after the cancellation of SegWit2x fork, which caused the prices to tumble.
The current cryptocurrency marketshare of Bitcoin is about 56%, followed by Ethereum’s 14.5% share.
While Bitcoin and other digital coins continue to rise, several financial experts aren’t shying away from calling it a bubble. However, it’s not hidden that it has become too big for financial institutions and wall street to ignore.
What are your predictions? Will Bitcoin cross $10,000 mark this month? Don’t forget to share your views with us.