Bitcoin Price Reaches New Highs: “It’s Over 9000”
Bitcoin continued to rise on November 29 and managed to cross $9000. Currently, it’s trading around $8970 on the Bitstamp exchange. The bitcoin market cap is now over $150 billion. Due to dominant status of bitcoin (having over 53 percent of the value of entire cryptosphere), it also leads to a new all-time high value of market cap of all cryptocurrencies, according to CoinMarketCap the current total market cap of crypto is $285 billion out of which $151 billion is of bitcoin alone.
The whole r/Bitcoin community was preparing themselves with Vegeta meme of “It’s over 9000,” which is what Vegeta said in a Dragon Ball Z episode when asked for the power of Goku.
The “It’s Over 9000” meme managed to make the front page of Reddit with more than 30,000 upvotes.
As the current trends continue, the prediction done by Billionaire investor Novogratz is getting closer every day, who predicted $500 for ether and $10,000 for bitcoin by the year-end. Currently, ether is trading at $455, a little shy of hitting the $500 target, which Novogratz set. It must be mentioned that Novogratz is reported to have bought cryptocurrency worth $15-20 million when the bitcoin price fell to $5500 for short duration.
The rise of bitcoin has made the skeptical look like a fool, however, it cannot be denied that imagining bitcoin would reach $9000 last year, when it was trading at almost one-tenth of the price would have been very tough.
The sudden price can be attributed to many facts including interest from institutional investors, planned launch of trading of bitcoin futures, and the overall media popularization of bitcoin. CME group, which announced the launch of bitcoin futures, is the world’s leading and most diverse derivatives marketplace.
The winners are the holders, or as they call in the bitcoin community, Hodlers, referred to people who hold their bitcoins and refuse to sell them.
A recent survey revealed that bitcoin would have to go to almost $200,000 before most people would consider selling their coins. Around 67 percent of the people who responded in the survey have never sold any of the coins. The growth has been phenomenal, and with more and more people just holding instead of trading would lead to much higher prices due to the scarcity of the tradable coins. However this might change when Wall Street enters and takes over the game, things might improve for better or worse.
One interesting aspect from an investor point of view is that the entire bitcoin ledger of people who are holding bitcoins before August 2017 is already worth almost $11,000 for each version of bitcoin they hold. The current price of Bitcoin Cash is $1599, Bitcoin is $9037, Bitcoin Gold is $342 = $10,978.
Analysts, investors, and gurus are confused, excited, or perhaps even uncertain about what next is for bitcoin. But enjoy the rally while it lasts!