Bitcoin has continued its remarkable bull run over the weekend, with prices exceeding $9,500 on extremely strong volume. The market has been pushed by a number of critical news stories regarding the mainstream adoption of the cryptocurrency.
It seems that the market rise to this point has been the result of increasing adoption among individuals, as well as hopes of institutional increases. The rise in Coinbase user accounts (nearly 125,000 per day), as well as the hope for futures trading from two Chicago-based markets (CME and CBOE), appear to be the driving factors in the recent jump.
As the market has continued to run, the fears of a bubble in Bitcoin price have continued. Nevertheless, many investors see a substantial future increase coming as institutional markets begin to open.
#Bitcoin nearly at $10,000
– No ETF
– No way to purchase from your fidelity/vanguard account
– No way to purchase from your PayPal/square account (#soon)
– No way to purchase from your local bank
– Mainstream/Institutional funds flow have barely begun
– Dan Hedl (@danheld) November 26, 2017
Additionally, increasing stability within the Bitcoin network will likely produce greater levels of adoption, both as a store of value and as a payment network. New payment platforms and businesses willing to accept Bitcoin will move the market forward as well.