After a week of standing at new high levels of about $8,000 and within a few days, Bitcoin finally skyrockets at $10,000! But it didn’t stop there, as it continues to climb even higher.
Black Friday found Bitcoin at approximately $8,000, Saturday the coin’s value was about $9,000 and on Sunday it overcomes the $10,000 mark! This value increase happened in an unusually high volume, as the FOMO (fear of missing out) is bringing constantly new investors.
Also, we should not forget that Bitcoin started the year at under $1,000. However, the growing mainstream adoption and the huge numbers of the trading volume have helped the digital currency to overpass the barrier of $10,000. It’s worth to mention that in the past day only, the coin’s trading volume exceeded $5 billion.
Attention from media
In 2017, the mainstream media gave Bitcoin so much attention like never before. The cryptocurrency found support from expert analysts to institutional investors and many other major announcements. Famous influencers throughout the financial industry are commenting on Bitcoin very often, either they support it or they hate it.
Furthermore, regulated futures markets are about to launch. Soon, major regulated markets such as CME and CBOE will be trading the major crypto coin.
Network is growing
Along with adoption increase, the network has to follow also. Despite that, Bitcoin keeps on maintaining a great transaction volume, as the daily volume is currently more than $2 billion.
As a result, Bitcoin mining has become more profitable too. At the moment, it’s estimated that miners earn about $1,5 million only in fees, without counting the block rewards.
Mass global adoption
The entire mass adoption seems to have spread globally, rather than localized. The most technologically developed countries have met a more widespread adoption, with less democratized countries to follow.
Additionally, an outstanding increase in Bitcoin ATMs has played its role in this mass adoption. About 4 to 5 Bitcoin ATMs are installed somewhere in the world on a daily basis and this number is still growing.
Although some bears or bulls in short-term run is natural to happen, it’s highly likely that the major digital currency will expand even more in the long-term, both in value and with even more global adoption.