The incredible surge in cryptocurrency prices recently is well-documented, and Bitcoin’s latest surge has taken it to a new all-time high. While Bitcoin and other types of cryptocurrencies are highly volatile, Bitcoin has seen a price increase of more than 12 percent within the last seven days. During the morning of Sunday, November 26, the Bitcoin price passed the $9,000 mark. In fact, it spent a decent amount of time above the price of $9,400. Notably, Etherium, Litecoin and other altcoins have seen huge price increases recently.
There are many reasons why an increasing number of people around the world have chosen to purchase Bitcoin recently. Initially, Bitcoin was seen as a type of financial or currency experiment that mostly tech-savvy people invested in. It received an initial surge of interest from doomsday preppers who were not confident in government-issued currency after the economic collapse in 2008. A significant amount of interest in Bitcoin today is speculative, but many people are also interested in cryptocurrencies because of a belief that the economic climate is ripe for change.
Bitcoin particularly has received a considerable amount of media attention in recent months. In the past eight months, the price of this cryptocurrency has increased more than 650 percent. This media attention has spurred many individuals to educate themselves about cryptocurrencies in general and about the capabilities of this type of financial technology. An increasing number of businesses are also enabling payments through Bitcoin, and this has increased the functionality of this form of currency.
Some Bitcoin enthusiasts are estimating that Bitcoin may reach a price of $10,000 by the end of 2017 and may ultimately reach a price of $100,000 or more in the future. Some experts, however, advise that buying Bitcoin and other cryptocurrencies is purely speculative and is therefore risky. When buying Bitcoin as an investment, consider investing in various types of altcoins to reduce your exposure to loss related to extreme volatility in cryptocurrency prices.