It occurred. Bitcoin value has spiked up; and now one Bitcoin is worth $10,000.
The breakthrough was scored on foreign exchanges ahead of the day; (where prices are usually a few percent higher) and was just traversed on U.S exchanges like Coinbase and Gemini a few minutes ago.
This happens two days after Bitcoin value hit $9k, and eight days after it forded $8k.
This $10,000 marks a bull rally typically never before observed in modern economic markets. For the prospect, bitcoin is now up 1,258% over the preceding year; with the aggregate value of all cryptocurrencies up 2,174% to a total of $316B. Bitcoin singly currently designates about 54% of this total market cap.
It’s an astonishing time in Bitcoin world. There’s never been an asset; with the anomaly possibly being Tulips; that has surged so much in such a brief span of time. So without any pattern or way to specify a “book value” to the currency; no one knows what to think or do.
Some say this is the nascent inception of a trillion dollar industry; and the most significant thing to occur in technology since the internet was born. Some think that bitcoin will supplant gold and U.S dollars and every financial instrument in between. Others say that this is the biggest speculatory balloon the world has ever heeded; that bitcoin value will drop to zero tomorrow.
And of course, there’s the preponderance of us who think something in between or just don’t know what to believe. It’s difficult enough to foretell how technology will advance, and even tougher when you add the emotions attached to trying to independently value and assess a tradable, liquid asset like bitcoin.
So the inquest likely in your mind right now…what’s next?
No one knows. Even the most enthusiastic cryptocurrency followers accept that we’re very likely in a bubble and that some correction will occur. Of course, no one knows if this will be a 20% or 2,000% correction, or if it will even occur at all. But it should not come if it ultimately happens on some scale.
But notwithstanding the fact most of us can’t open Twitter or turn on CNBC without learning about bitcoin, it’s appropriation is still relatively small. Many Americans still have no idea what a bitcoin vlaue is; what it does or how to buy one. The same goes for Wall Street, and even though there have been over 100 cryptocurrency-focused hedge funds opened in the last year many institutional investors still haven’t take a stake in Bitcoin.
So this could just be the outset. Or the end. Either way, this milestone is an ideal time to step back and look just how insane the last year has been in the world of cryptocurrencies.