Bitcoin did it again! The popular cryptocurrency's price surged to $6,000 over the weekend and continues to move up closer to the $7,000 price level.
Bitcoin reaches $6,800 this week and is looking to break $7,000 just before the year ends. The new price record is thanks to the decentralization factor of Bitcoin.
Bitcoin casino players are playing for a higher stake with a new price level. Jackpots tournament prize pools and even Bitcoin casino bonuses in casinos like mBit Casino, FortuneJack, and Slots.com will definitely a higher value than last month.
$6,800 price driver
Bitcoin is not yet done with breaking records in 2017 as it rises up to the $6,800 price level as of writing. If the cryptocurrency can continue its pace, it can easily reach $7,000 by the end of November. There is even a possibility that it can reach $8,000 to $10,000 by 2018.
With this new price level, Bitcoin is more than five times worth the price of gold per ounce. It is also important to note that Bitcoin was only trading at around $730 last year.
There are many factors that are driving the prices of Bitcoin. This includes a staggering demand for the cryptocurrency on new markets. These markets include Japan and South Korea.
The global trading volume market shifted when Japan welcomed Bitcoin with open arms earlier this year. The country represented 58 percent of the global trading market while China plunged to a low 1.6 percent. Any attempts by the Chinese government to heavily regulate cryptocurrency in the country will have a significantly low effect on the global price of Bitcoin, thanks to the Japanese market.
The major driver of Bitcoin’s increasing value is its decentralized factor. There are no banks, government, or offices that are controlling the cryptocurrency. This makes the currency viable to people who were affected by the 2008 credit crisis due to governments printing of more money.
Bitcoin price predictions
Bitcoin casino players who won the jackpot, finished high in a tournament event, or simply won a large payout are playing another gambling game today. They can play it safe by cashing out their hard-won prize or risk it by holding on until December or even early 2018.
While there are many drivers that are pushing Bitcoin prices, there are other possible factors that can drive down the price. This includes a major Bitcoin exchange getting hacked such as the case of Bitfinex in August last year. However, the website added new security to its website to prevent the same incident from happening. Other major exchanges have also boosted its security to protect its users.
Moreover, Bitcoin will continue to fluctuate throughout the year as 2018 draws nearer. With demands for the cryptocurrency growing and new avenues for trade and commerce becoming available each week, there is a possibility that Bitcoin can reach $7,000 by December or January next year.
It is notable to remember that Bitcoin experts predicted that the price will only be stable at around $1,200 last year. Others only predicted that Bitcoin would reach as high as $2,000 or $3,000.
Meanwhile, this price increase may finally happen after the next Bitcoin halving in 2020.