Bitcoin has smashed past the $10,000 target today, currently sitting at $10042.30, according to Coinmarketcap. Looking back to the beginning of the year, when Bitcoin was valued at just under $1,000, this represents an astonishing leap.
Looking at the rise in the price over the past year, this does not seem to be temporary, but rather a healthy growing adoption of digital currencies and also massive volumes of trading – for example, the volume traded over the past 24 hours exceeds $5 billion.
Over the past year, the king of cryptocurrencies has become more and more popular. If at the beginning of the year, Bitcoin was barely mentioned by local communities, it has gained so much attention recently that rarely a day passes by without Bitcoin being mentioned in the media.
Additionally, cryptocurrency hedge funds have seen a surge in number, with currently over 120 new or modified crypto-related funds.
Traded on major regulated markets
Another major contributor to the steady and rapid rise of Bitcoin’s value is due to the news that Bitcoin futures will be traded on major regulated exchange markets, such as Chicago Merchantile Exchange (CME) and Chicago Board of Options Exchange (CBOE), which have officially announced that they will soon start trading futures.
This has been a very steady and rapid increase in value over the past few days / week, therefore we should expect a correction to happen anytime soon. This could be associated with an increase in the value of alt coins, depending on whether people decide to take their profits back into fiat or reinvest into other coins.