Where will bitcoin stop? The value of cryptocurrency reached new heights Monday, November 27. After appreciating nearly 20% in three days, the virtual currency has reached the value of 9 721 dollars (8 132 euros) on the Luxembourg platform Bitstamp. The symbolic milestone of $ 10,000 seems now inevitable, while it was worth half as much mid-October.
The virtual currency has seen its value multiplied by ten since the beginning of 2017 and more than doubled since early October, driven by the prospect of a regulated framework and the launch of multiple speculative funds dedicated to it.
According to data from Alistair Milne, manager of the Monaco-based Altana Digital Currency Fund, the online digital currency exchange platform Coinbase has registered 300,000 new users between Wednesday and Sunday, during the weekend. Thanksgiving in the United States. The total number of users of Coinbase reaches 13.3 million worldwide.
“Coinbase data shows that adoption (of bitcoin) is not slowing down,” said Alistair Milne to Reuters. “Reaching the $ 10,000 seems now inevitable.”
I refuse to celebrate any more 4-digit Bitcoin price milestones (in USD) …. oh wait
— Alistair Milne (@alistairmilne) November 26, 2017
The bitcoin price has been supported in recent months by the decision of CME Group, the world’s largest futures market, to launch future “futures” contracts on virtual money, which could encourage institutional investors, even distrustful, to take an interest in this asset.
Other cryptocurrencies carried by bitcoin
The latest move brings Bitcoin’s “capitalization” – its price multiplied by the number of units issued online – to more than $ 163 billion, according to the specialized site Coinmarketcap, exceeding the market capitalization of the credit card giant MasterCard.
The cumulative value of all virtual currencies has passed the 300 billion mark, more than the market capitalization of Wal-Mart, the world’s largest retailer.
The main competitor of bitcoin, ether – also called Ethereum, the name of the project that carries it – also experienced a stratospheric surge this year, appreciating more than 6,000%. This virtual currency launched at the end of 2015 reached a high of just under $ 500 on Monday, for a capitalization of nearly $ 50 billion.
The meteoric rise of cryptocurrencies has led to multiple warnings from central bankers, banking executives and institutional investors about the risks of a bubble.
— bitcoin.fr (@blogbitcoinfr) December 2, 2017
“Regulators know that cryptocurrencies and blockchain can pay big dividends, but they also bear in mind the catastrophic consequences this can have if good governance, stability and control are not preserved,” said David Futter, specialist fintechs at the Ashurst law firm in London.
“If the carrot of self-regulation proves to be insufficient, the regulators will not hesitate to take out the stick.”