Record Highs as Bitcoin Closes in on Historic $10,000 Milestone
Another day, another historic Bitcoin high. The leading digital currency has made a habit of breaking records this month and anticipation is high that today it could pass $10,000. The bull run seems to be driven by increased institutional acceptance and accelerating public awareness. At time of writing Bitcoin is up 875% on the beginning of the year.
More Record Highs
November has seen a succession of record highs in Bitcoin trading but growth over the last few days has been remarkable. Since Friday morning the currency has gained $2,000 from its low of $7,958 with prices this evening in the $9,700 to $9,965 range. Prices topped $10,000 on several South Korean exchanges overnight and all eyes are now on the US to see if the threshold will be breached there today.
Increased Public Awareness
Analysts suggest that while increasing institutional acceptance has helped this year’s run, recent price rises have been driven by wider public awareness rather than changes in the fundamentals. Bitcoin’s meteoric ascent has not gone unnoticed by traditional financial media, and with more people than ever becoming aware of Bitcoin, the number of potential investors has increased.
Analysts suggest that the primary driver of recent price movements is new Bitcoin users, rather than existing users increasing holdings. Coinbase, one of the most popular cryptocurrency exchanges, has been adding 1 million new users a month and registered 300,000 new accounts between November 22 and November 26 alone. Indeed, the exchange’s iOS app became the number 1 trending app on the App Store, suggesting that Bitcoin has reached an inflection point in public interest.
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