Bitcoin prices surged over the Thanksgiving weekend as the prices hit a new all time high of $9,732.76 on Monday, jumping over 4 percent on Monday. Bitcoin was just over $8,000 less than a week ago, now the cryptocurrency craze may bring it to over $10,000 soon.
The cryptocurrency scene has now made it a name for itself. Bitcoin in the past year alone has surged from $731.75 all the way to Monday’s high of just over $9,700, representing a massive 1230.1 percent increase year over year. Bitcoin’s market cap has now increased to $162.39 billion.
Data compiled by Alistair Milne shows that over the Thanksgiving holiday weekend from Wednesday to Sunday, Coinbase added over 300,000 users, bringing the total to 13.3 million.
“The weekend’s bitcoin price hike is just the continuation of a long-term bull run on the cryptocurrency, fueled by the tsunami of speculative trading on Japanese exchanges and the entrance of institutional investors across the world,” said Thomas Glucksmann, Hong Kong-based head of marketing at cryptocurrency exchange Gatecoin Ltd, according to Bloomberg, “It is more likely that the $10,000 psychological stratosphere will push more institutional investors into the mix.”
But at the pace Bitcoin has been increasing, analysts are finding it hard to gauge the bullish trend and how long the trend will continue for. Regardless, analysts say, as long as the trend continues and investors hop onto the craze, the bullish trend will continue even further.
The total market cap of digital currencies has now reached over $300 billion, according to Coinmarketcap.com.