The value of bitcoin continued to skyrocket this weekend, exploding to $9,000 for the first time in the history of the cryptocurrency.
The price of Bitcoin jumped Saturday night above 9,000 dollars and stood at $9,139 (+4.28%), according to data from the CoinDesk Digital Currency Information Site. This value rises roughly to £7,000 in the UK and to A$12,365 in Australia.
The summit is even higher
The market capitalization of Bitcoin, i. e. the value of all the bitcoins generated worldwide, now stands at nearly $153 billion. A considerable increase compared to 2016.
Cryptocurrency experienced a significant rise in 2017. On January 1 of this year, the price of bitcoin was just under $1,000. However, the value of Bitcoin is extremely volatile and exposed to a crash.
Bitcoin speculators nevertheless believe that growth is not over yet. Hedge fund manager Mike Novogratz predicted earlier last week that Bitcoin would reach $10,000 this year. Thomas Lee de Fundstrat doubled his target price to $11,500 by mid-2018.
Katsunori Sago, Investment Director of Japan Post Bank, says the increase is staggering. A price of Bitcoin around $100 would be more appropriate and balanced.