On its birthday bitcoin managed to reach a new high of $6450 and just a couple of days after that the cryptocurrency is starring at yet another high of $7,000.
The bull run has gained a substantial momentum that started at around $5,800 and hasn’t stopped since. As of now bitcoin is trading at $6,923 and it won’t be long before we see the digital currency achieve a new high of $7,000 giving its long time investors the maximum profit till date.
Exchanges have reported impressive rise in trading volumes at $3 billion and it amounts to more than half of global trading volumes for all digital currencies. While its market share is within touching distance of 60%, a first since many months. Bitcoin has gained a whopping $4,000 in a matter of just two months and that has garnered interest of not only investors and financial institutions across the world, but students as well.
There is not saying when the bull will stop and we will rather be only watching the price surge as the bull run is of a kind that we have never seen in bitcoin’s history. Previous bull runs have mostly lasted for brief periods of time, but the year 2017 has seen one of the longest bull runs for bitcoin ever.
More and more users are joining the bitcoin trading bandwagon with recent reports from Coinbase indicating that they have added a whopping 1 million users in the past month. As many as 100 million traders are said to be involved in bitcoin trading across the world with most of them located in the US.
While individual investors have had a lions share of the trading till date, we believe institutional investors will soon be garnering impressive share over the course of next few years. More and more financial products providers have shown interest in launching bitcoin products with CME Group being the first to launch a regulated bitcoin futures trading soon.