Bitcoin’s birthday (October 31) this year turned out to be a great one for the cryptocurrency as well as its followers, fans, investors and adopters globally as the oldest digital currency hit a new high of $6,450.
While Bitcoin price didn’t stay at the high point for long and is trading at around $6400 as of this writing, it did prove that the cryptocurrency has a lot going for it even at this young age. Bitcoin’s trading volume hover around the $2 billion mark, but its market share continues to rise close to 60 per cent of all cryptocurrencies being traded.
Bitcoin’s jump to $6450 may have been because of its birthday, another reason could have been that world’s biggest futures and options provider announced on the same day that they will be launching bitcoin futures by the end of 2017. That’s great news for bitcoin investors considering that it will most likely add considerable liquidity as institutional investors become more comfortable with using bitcoin as a hedge in their daily investments and operations.
Bitcoin turned 9 on October 31 this year and it seems that while the currency is still in its ‘innocent’ years of growing up, it has definitely seen one of its best years so far. While we can’t predict the future, bitcoiners are all basking in the warmth of bitcoin price surge over the last few months.
Unlike previous years when Bitcoin exchanges and wallets faced a lot of hacks and security breaches, this year has been relatively calm with everyone managing to keep their coins safe. With increased attention from institutional investors, Bitcoin is sure to reach new highs over the course of next few months and will see much more glory as it sees mass adoption.