Not many of us are surprised by Bitcoin setting a new All-Time High once again. Today, the price was just 9 cents away from reaching $3,000.00.
According to CoinMarketCap, the cryptocurrency traded for $2,991.91 U.S. dollars earlier today. The Bitcoin market cap is currently at $46 billions, while the total market cap of all digital currencies has hit $100 billion.
The world’s most popular cryptocurrency is truly having a stellar year. Since the beginning of the year, Bitcoin price has seen an increase of almost 200%. On Tuesday, June 6th, the value has jumped another 8%. Same trend also applies to Ethereum, that is considered the most promising alternative coin in 2017. Today, the altcoin’s price surged 6%.
What is driving the rally?
Experts believe that the upward trend is just getting started and will be continuing for multiple years. Of course, we will see certain corrections and price swings, but not many doubt that Bitcoin is here to stay.
As of now, Japan became the Bitcoin adaption leader. The Japanese government has recently implemented official Bitcoin regulation policies. The country’s leading airlines and retailers, as well as the most famous and influential companies already accept payments with Bitcoin. Over 300,000 merchants will allow their customers to pay with cryptocurrency in the near future.
Chinese investors have been actively trading on Japanese and Korean markets due to inability to withdraw Bitcoins in their home country. In July, the local regulatory-compliant exchanges have finally resumed Bitcoin withdrawals.
As to american investors, they have been recently inspired by the comments from Minneapolis Federal Reserve President Neel Kashkari. The banker has stated that blockchain, the underlying technology behind Bitcoin, might have a bigger potential than the cryptocurrency itself. Due to its stability and safety, blockchain may end up backing every aspect of our lives.
The future of Bitcoin
Current realities indicate that there is a continuously growing interest for Bitcoin all over the world. Unlike in 2011, the world’s most popular digital currency has attracted the interest of the media, as well as investors and enthusiastic crowds.
Bitcoin is being viewed as a safe haven asset and a digital currency. China’s largest media company People’s Daily has even defined it as “digital gold”. The only thing left to sort out is the scaling issue. Right now, the amount of transactions that can be processed at a time is limited, which creates a huge backlog. Finding a solution to this problem will affect transaction fees and fuel the further adoption of Bitcoin.
Based on current events, it is obvious that the new All-Time High is extremely likely in the near future. Considering the growing global demand for Bitcoin, the experts assume that the price will likely hit $6,000 by the end of this year and $100,000 in a decade.