The largest cryptocurrency, Bitcoin has made a remarkable rate after touching $10,000 from $8000. Over the last one month, Bitcoin has been facing turmoil after the cancellation of the proposed SegWit2X. The prices have been fluctuating ever since from $5500 to recently $8000 on Friday and crossed all records when it touched $10,000 with dropping down.
The year has been full of challenges for bitcoin. Starting with a price of $1000, today bitcoin soared to $10000, and in the last 24 hours, its trading volume has increased to $5 billion. Now, more and more financial investors and organizations are opting to invest in Bitcoin than the traditional market.
Bitcoin has become a hot cake for the financial investors and bankers. From becoming news in local newspapers to global headlines, Bitcoin has now become unstoppable. Further, there has been growth in hedge funds as well. Hedge funds which invest heavily in cryptocurrency have added 70 new funds along with the existing 120. Also, Bitcoin will now be trading in the regulated market as well. The Chicago Mercantile Exchange (CME) and the Chicago Board of Options Exchange (CBOE) are soon going to launch Bitcoin.
With the growing rate, Bitcoin has already set up an extensive network of 2 billion. Even the bitcoin mining has proved beneficial for miners (bitcoin users) who make $1.5 million excluding the block rewards.
Although Bitcoin is emerging as the new face of digital currency yet, there are countries which have not yet legalized its existence. Experts term it as a financial bubble under which several fraudulent activities are taking place in the dark web world. Even with such speculations countries such as Venezuela, Zimbabwe, South Korea, Switzerland, etc. have already accepted Bitcoin as one of the modes of the financial transaction.
The number of countries as of now is few, but the good thing is that slowly there are other nations as well who are willing to participate in cryptocurrency and blockchain technology. For example, parts of European nation are slowly starting to adopt Bitcoin.
Growth is also evident in the setting up of Bitcoin ATMs. Some 4.8 Bitcoin ATMs have been established so far, and the number is expected to grow with the coming of new online ATM companies in the coming years.
Well, such growth from $1000 to $10,000 is remarkable, and it is expected that Bitcoin will soon overshadow the traditional fiat currencies and emerge as the new means of digital currency. But all speculations are still not evident because Bitcoin is still in its initial years and nobody knows about its future.