Today, on November 28, the first cryptocurrency’s exchange rate has reached a five-figure mark for the first time in history, breaking the psychological barrier of $10,000.
Thus, according to the Coinmarketcap analytical service, the weighted average price of “digital gold” is within the range of $10,050 per unit at the moment.
It is interesting, however, that the South Korean and Japanese exchange services show a much higher Bitcoin exchange rate, where it reached the long-awaited point long before the other cryptocurrency exchange platforms:
The first cryptocurrencies current capitalization amounts to $167.9 billion, which is more than the market value of MasterCard, the transnational financial corporation ($161.7 billion). The Bitcoin Dominance Index is 54.2%.
Since early 2017, “digital gold” has become by about ten times more expensive. Furthermore, the rate growth of the first cryptocurrency has significantly accelerated in recent months: according to the CoinDance data, Bitcoin has grown by more than 60% just within the last 30 days.
The exponential growth in demand with a limited offer, controversial SegWit2x fork cancelation, infrastructure development, institutional investors’ interest, and the gradual integration of cryptocurrencies into the world of traditional finance are among the main reasons for the Bitcoin rate growth. In particular, the cryptoinvestors’ optimism is fueled by the expectations that Bitcoin futures will be added to the CME Group Inc, the world’s largest derivatives exchange operator.
In the meantime, Bitcoin has been increasingly subjected to rebukes by world’s well-known personalities in traditional finance area in recent years. Thus, in September, Jamie Dimon, chief executive officer of the JPMorgan Chase US financial holding called Bitcoin a “fraud” and promised to fire “stupid crypto-traders” if there are any among the company’s employees. Two months later, Thomas Peterffy, the chairman and CEO of Interactive Brokers Group Inc, bought a whole page in The Wall Street Journal to warn of the “Bitcoin threat”.
On the other hand, according to Terry Duffy, head of the Chicago Mercantile Exchange, futures will help reduce Bitcoin volatility. And the British Old Mutual Gold & Silver Fund’s representatives are convinced that Bitcoin is able to restore gold as the world money.
The new Bitcoin rate record has stirred encouragement among cryptoenthusiasts and social networks frequenters.
Some of them have already started making forecasts for the next year:
Earlier, Bitcoin has reached the $9000 mark less than two days ago, on November 26. The total cryptocurrency market capitalization currently exceeds $300 billion.