Bitcoin Surges Towards $11,700, Liquidating Millions
The price of the highly volatile virtual currency, known as “Bitcoin,” continues to surge towards a possible all-time high, and it may hit $11,700 in less than a month. With many people already investing, trading and speculating in this highly speculative market, it is only a matter of time before this price continues to soar higher. But what is the hype all about? Is it a bubble or does it really have potential for massive gains?
Well, the price of this virtual currency has fluctuated wildly over the recent past, rising and falling hundreds of times in the span of just a few days. In fact, the most recent peak was a remarkable 1,000% higher than its previous high, at roughly $600 per unit. In the last week alone, this volatile currency has increased by an amazing 3%, surpassing its previous record.
So, the big question now is – how did we get to this point? Is it really a bubble or can we see potential for huge profits in this market? Let’s take a look at some of the factors that are driving the meteoric rise in the value of “Bitcoin.”
First, there is worldwide attention on the possibilities of investing in this virtual currency, both from consumers and governments around the world. If you can believe the recent news stories, millions of dollars have been invested in purchasing the latest gadget or investment opportunity in the form of an e-book, online course or other digital product. Also, the price of the product is increasing so fast and so consistently that it is easy to see where this market can be headed.
Second, many experts see the “virtual” aspect of this market as one of the major differences between today’s market and traditional markets, since the trading involves no physical money exchanges. As long as it is accepted that the virtual currency is going to gain in value, anyone with an internet connection can participate. This is a huge benefit, because even those who may not be familiar with this form of trading can quickly see if this particular currency is going to go up or down.
The final reason for the rapid rise in value is because of the growing popularity of the Internet as a means of making purchases and transactions. Many users and traders are now able to do everything they need to do via the web, and the ability to conduct international financial transactions. is another great advantage. There are literally millions of new members joining the community every day, which means there is always a hungry crowd, ready to jump on the bandwagon.