Bitcoin has just passed the $15,000 level and is now confidently approaching $16,000 in what may seem like the steepest rise in the history of the cryptocurrency.
Almost no one predicted that Bitcoin could touch the $15,000 level before the end of this year. But here it is, not only has Bitcoin crossed this level but it is now almost touching the $16,000.
Here is a very interesting statistic worked out by DollarVigilante which illustrates the meteoric rise of the price of Bitcoin:
$0000 – $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: <1 day
$11000-$12000: 6 days
$12,000-$13,000: 19 hours
$13,000-$14,000: 2 hours
As the table clearly shows, Bitcoin’s rise has recently greatly accelerated.
There are numerous factors that have contributed to this, but one of the major factor playing a key role is greater worldwide acceptance, both by individual, as well as, institutional investors.
Everyone now seems to want a piece of Bitcoin.
The introduction of Bitcoin futures to the markets undoubtedly plays a major role on the sudden price rise as well, but the market seems bloated and many analysts warn of an impending drop.
Investors should be very careful buying Bitcoins at this price level.
Could Bitcoin go as high as $20,000 by the end of this year? Or will it see a major correction once Bitcoin futures start trading this month?
Please leave your comment below.
Note. This posts is for educational and entertainment use only and it is not an invitation to trade. Trading involves high risk to your capital.