Bitcoin has resumed its uptrend, after consolidating for a few days. The coin’s price climbed in about 12 hours up to $8,700 from a low of $8,200. At the moment it stands at $9,017, a new all time high for the coin.
Asian retail investors probably drove the rally. They traded the largest volumes on Bitfinex and Bithumb. The digital currency seems to have paid little regard to Tether’s hacking of $30 mln, which didn’t affect Bitfinex platform either.
Some industry influencers like Mike Novogratz and Ronnie Moas had predicted that Bitcoin can reach $10,000 before the end of the year. Will they be proved right? 2017
Also individual investors show great interest for Bitcoin.
Alistair Milne (of the Altana Digital Currency Fund) compiled some data to measure the cryptocurrency’s retail adoption. According to that, the number of traders of the famous exchange Coinbase has been growing rapidly throughout the year. The number of the platform’s users has jumped up to 13.1 mln right now, from approximately 5 mln at the start of the year.
After CME’s announcement of launching Bitcoin futures trading, the platform added more than 100,000 users in only one day. Coinbase repeated this achievement again, with another 100,000 users to join the platform during Thanksgiving weekend. Individual traders might fear they couldn’t buy Bitcoin after the institutional money came in, so they didn’t want to miss the chance to buy coins.
Bitcoin with its derivatives worth more than $10k
If a Bitcoin user hasn’t actively traded his coins since the August hard fork, he must own equal amounts of Bitcoin Cash and Bitcoin. The combination of the two cryptocurrencies value is now more than $10,000. This amount could be even higher if we count the value of other forks also such as Bitcoin Diamond and Bitcoin Gold.