Bitcoin price is skyrocketing. A couple of days ago its price reached $8000 mark in our earlier post and just today Bitcoin has crossed the $10,000 mark. The world’s largest cryptocurrency by market capitalization is now trading at $10,374.
Bitcoin price was just around $750 same time last year, which eventually reached $1,100 when the fiscal year closed. This year Bitcoin started an epic bull run especially during last 3-5 months where its price boosted from $4,000 to $10,000 now. The most dominated cryptocurrency has boosted its price up to 900 percent this year.
A few years ago, Bitcoin was not given much attention as people were unaware of its deep impact. For instance, in 2010, a developer Laszlo Hanyecz bought 2 pizzas by trading 10,000 bitcoins, which today have the cost of around $100 million. This trade is also believed to be the first “real-world” transaction of Bitcoin.
Bitcoin is not the only cryptocurrency on the ascendency. The market cap of all cryptocurrencies combined crossed the $300 billion thresholds on Monday, with all 10 largest cryptocurrencies rising in value significantly. The second-largest cryptocurrency, Ethereum, now has a market cap larger than $45 billion while the third in line, a fork of Bitcoin called Bitcoin Cash, has a market cap over $26 billion.
Will you say Bitcoin has “Bubble” tendencies considering the rate at which it is increasing? Will this trend (abnormal increases) be sustained at least before this year ends?