The price of a bitcoin has continued to rise overnight, passing $9,000 for the first time this morning.
Since setting new highs yesterday, prices climbed more or less steadily until finally passing $9,000 at 06:40 UTC today. The new record of $9,043.21 was reached roughly 35 minutes later.
Prices are at $8,970 levels – up 2.43 percent for the session. CoinMarketCap data indicates that bitcoin has risen 6.16 percent in 24 hours, and 16.27 percent over the last seven days.
Bitcoin’s amazing gains have helped drive the combined market value for all cryptocurrencies to yet another at new high of $285 billion. Bitcoin’s market capitalization is now almost $151 billion.
Earlier this year, highly regarded investors and financial analysts including RT’s Max Keiser and billionaire hedge investor Mike Novogratz established the interim price target of bitcoin at $10,000.
In an interview with Binary District, Keiser further emphasized that in 2018, the bitcoin price could move closer to the $50,000 mid-term target, as tens of billions of institutional money flows into the bitcoin market.
“Bitcoin only has to grab a few % points of the global multi-hundred trillion investment market to realize a market cap of $1 trillion and beyond,” said Keiser.
Over the past 12 months, bitcoin has shown strong resilience against the criticism and baseless condemnation from the traditional finance sector. Several public figures such as JPMorgan CEO Jamie Dimon falsely accused bitcoin of being a fraud, with the intent of degrading bitcoin that has become a competition for the global banking system.
However, despite the harsh criticism from Dimon, it has been revealed that JPMorgan traders have traded bitcoin since September through Sweden’s Nordic Nasdaq, and will continue trading bitcoin futures contracts upon CME Group’s December 11 launch of a bitcoin futures exchange.
Keiser emphasized that the public and general consumers are beginning to understand the advantages and merits of a decentralized financial network like bitcoin, and the deceptive nature of banks. This year alone, JPMorgan was fined $12 billion for mortgage fraud, and was cracked down by the Swiss financial authority FINMA for money laundering.
“No bank in the world is innocent. Anyone who harbours hope that someday we may be free from these rentier, war-prison-casino industrial psychopaths at banks should take an interest in Bitcoin and crypto,” Keiser explained.
Liquidity of Bitcoin is Increasing
In less than two weeks, the price of bitcoin has increased from less than $7,800 to $9,060. Throughout the surge, the daily trading volume of bitcoin has increased significantly, from around $2 billion to $4.6 billion. Currently, bitcoin is substantially more liquid than the most liquid stock on earth that is Apple, and process more trades than major stock markets such as South Korea’s KOSDAQ.
In the upcoming weeks, as $95 billion hedge fund Man Group and other major financial institutions like JPMorgan engage in bitcoin trading through strictly regulated exchanges, the price of bitcoin will highly likely surpass $10,000 before the end of 2017.
In October, Novogratz noted that a “herd of institutional investors” is coming to the cryptocurrency market. Coinbase CEO Brian Armstrong stated that $10 billion of institutional money is awaiting to be invested in bitcoin, and most of the funds are likely to be transferred to the bitcoin market by mid-December.
As such, Wall Street analysts and financial firms such as StandPoint increased their interim price target of bitcoin from $10,000 to $14,000. “There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin’s way have been knocked down,” Ronnie Moas, founder of Standpoint Research, wrote.