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Bitcoin Price Hits New Record High of $9700

Bitcoin to the Moon

Bitcoin Price Hits New Record High of $9700

Bitcoin price value soared above $9,000 for the first time on Sunday reaching an all-time high.

The biggest digital currency blew past $9,700 just a week after hitting $8,000. It seems like the cryptocurrency is unstoppable and is likely to hit a five-figure value soon.

The spike in Bitcoin’s price value coincides with the spike in the userbase of Coinbase. The largest platform for buying and selling of cryptocurrency had its user count increase by 100,000 to 13.1 million, according to the co-founder of Atlanta Digital Currency Fund, Alistair Milne.

Tom Lee, Wall Street’s biggest bull and head of research at Fundstrat Global Advisors, doubled his price target for Bitcoin. Lee had forecasted in August that the price of the coin might reach $6,000 however now the analyst expects it to hit $11,500 by mid-2018.

CME, the Chicago-based leading exchange giant announced last month that it would launch Bitcoin Futures products before the end of this year. Cryptoenthusiasts believe that the launch might increase Bitcoin’s legitimacy, increasing its potential user base. Lee himself is quite optimistic regarding the plan.

Mark Cuban, owner of the NBA Dallas Mavericks said that the price of Bitcoin will continue to surge as long as the coin functions more as a currency and less as a collectible.

“The number of people opening up new accounts and buying Bitcoin, even fractionally, is skyrocketing,” said the billionaire businessman. “Yet the people who have it as a true store of value have no reason to sell it as long as demand continues.”

Though the price tag of the cryptocurrency doesn’t look like stopping, the red-hot currency isn’t much functional for the owners. Very few merchants accept Bitcoin, thereby leaving lesser places for owners to spend their Bitcoins.

“They can’t spend it, so they keep it,” said Cuban. He thinks that the price will continue inclining until “there is some systematic reason for the collectors to sell.”

Markets might be waiting for the investors to sell, whereas the investors might be waiting for the prices to rise further.

Also Read: Bitcoin hits new record high, breaking $8,000 for the first time

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