Haters might try and slam down the price curve of Bitcoin as the next big bubble just waiting to burst, but whatever be its future, the bull has definitely entered Bitcoin radar shooting up its price to sky-high limits. After breaking into the $9000 spectrum on Sunday morning, Bitcoin is rapidly racing to cross the $10,000 mark and it surely won’t wait till Christmas to shower its holders with the magnanimous return.
Monday morning was marked by Bitcoins being valued at $9700 in various exchanges worldwide accounting for a 15% hike in price since Friday. This has helped the cumulative value of total 16.7 million Bitcoins in circulation to smash through $160 billion boundary. This has placed Bitcoin in a higher rank compared to global giants such as McDonald, IBM and Disney in terms of market capitalisation.
Also Read: Bitcoin Market Cap to overtake Apple soon
At the time of publishing this article, Bitcoin price was $9970 with a market cap of $166,586,806,441. The market cap of McDonald was 136.86B and that of Walt Disney was $155.24B.
The total cryptocurrency market cap was around $310 Billion in which Bitcoin had a major share of 54%
In spite of having a sustained price rise in the last twelve months, various experts hold the view that Bitcoin is simply a bubble ready to burst. The price spike of Bitcoin got accelerated following the announcement made by Chicago Mercantile Exchange (CME) to launch bitcoin futures by second week of December which might very well be a major step in imparting a legal tag to this digital tender.
Following the announcement of Bitcoin future trading, its price has increased by a whopping 50%. At the beginning of 2017, a single Bitcoin token was valued at $1000. Once it reaches the $10,000 figure, its price hike shall be an unbelievable 100%. That’s something even the biggest stocks can’t promise. In spite of such positivity, several countries such as South Korea and China have imposed a ban on all crypto related dealings given its inherent links with money laundering. Top executives such as Jamie Dimon, the CEO of JPMorgan have also termed bitcoin as “a fraud.” and called Bitcoin buyers “Stupid”.
Neil Wilson, the senior market analyst working at ETX Capital, recently told the Guardian that,
“Rather than a commodity or currency, bitcoin is like owning stock in a company that will only ever issue 21 million shares and never pay a penny in dividends. The only way it has value is if the next guy is willing to pay you more for it – the greater fool. With no intrinsic value to bitcoin, it’s hard to see this as anything other than a giant speculative bubble.”
Just as Bitcoin zooms past all barriers, its closest competitor Ethereum is also slowly shifting gear to a growth trajectory by showcasing significant price hike in the last few weeks. Starting from $300 it shot up to $485 on Sunday. For those who missed the early Bitcoin train and can’t afford it presently, Ethereum surely poses as the next best option.
Also Read: Paypal Co-Founder, Peter Thiel Supports Bitcoin
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