Exchanges are listing Bitcoin price above the record breaking $9,000 price levels. Can Bitcoin hit the moon by 2018, and how will Bitcoin Cash compete?
Bitcoin shows that it is not stopping for anything until it hits the moon as it breaks through the $9,000 mark. Now, the question is: Is the momentum enough for Bitcoin to reach $10,000 before 2018?
On another hand, Bitcoin Cash has also shown some promises. There have been many bullish activities where the coin is trading above the $1,500 and $1,600 levels.
Historic Bitcoin price levels
Naysayers or people who have been critical of Bitcoin have been proven wrong many times throughout 2017. But, even Bitcoin supporters were also modest on their speculations as to how high Bitcoin can reach this year.
Many supporters speculated that Bitcoin would only reach its record high of more than $1,000 in 2017. Some believed it could reach double its lifetime high. However, very few speculated that Bitcoin would reach $5,000, let alone its current price level of $9,700.
The likely drivers for Bitcoin price are its mainstream acceptance. This is thanks to the rise in initial coin offering (ICO) projects which was endorsed by celebrities and known personalities.
Another driver is the increasing demand for Bitcoin across Southeast Asian countries like Japan and South Korea. The demand for high Bitcoin transactions in these countries have helped alleviate the banning of ICO and tightened control of Bitcoin in China, which was once the dominant country in terms of high volume of Bitcoin transactions.
Apart from the market price, Bitcoin has also seen more transactions than before. There is an average of 250,000 – 375,000 transactions each day. Only a quarter of Bitcoin is left unmined which makes Bitcoin mining profitable than before.
$10,000 price levels
The possibilities that Bitcoin can reach $10,000 when New Year comes are becoming very likely. It should be noted that Bitcoin reached $6,000 last month in October. There are no upcoming forks planned in December or other factors that can impact the Bitcoin price. The strong forward momentum that Bitcoin has could push to the five-digit levels by December.
Bitcoin Cash bullish support
Meanwhile, Bitcoin Cash is also experiencing a price jump in recent days. The cryptocurrency value jumped to within the range of $1,500 and $1,800. This is a 16% jump from its price of $1,100 last week.
The surge in Bitcoin Cash price can be due to Bitstamp’s announcement of launching its Bitcoin Cash trade in its exchange.
Nejc Kodric, CEO of Bitstamp, said:
“We get requests from our users who want to trade it. We want to be as agnostic as possible so we look at the system, and if we believe there is sufficient demand and there will be trading and trading volume, we’re going to list it.”
Bitstamp is one of the longest-running exchanges and boasts a significant number of traders, including Bitcoin casino players.