The whole internet is abuzz with the impressive growth rate of Bitcoin in the recent past. There have many online hackers, who have dumped important sites only for Bitcoins. Going by the latest trends, experts in the market have speculated that the value of the digital currency is likely to surpass the $5,000 level mark in the near future.
In the recent week, Bitcoin has reached yet another milestone by crossing the $4000 mark. This happened for the first time in history with the digital currency hitting the $4208.39 mark. The historic milestone was registered at 08:19 UTC on 13th Aug, Sunday, with a rise of more than 20% compared to previous week. The price rise has rocketed Bitcoin’s market cap to a whopping record setting $66,5 billion and a combined market cap of over $135,5 billion.
Keeping in view of the recent trends, economists and financial analysts remain positive with the digital currencies’ future. The head technical strategy at Goldman Sachs, Sheba Jafri has already been proved wrong. According to Jafri, it was predicted that the currency would surge around $4,000 by late 2017 but the currency has already touched that mark.
Interestingly the market analysts are not only predicting a rise in the value of Bitcoin but also forecasting an increase to $5,000 this year. The global value of Bitcoin has increased owing to the upcoming SegWit activation and the adoption of Bitcoin on a global scale. More and more investors today are using Bitcoins. Overall, the present growth of Bitcoin is likely to continue in the coming months. With increased demands from institutions, investors and online businesses, the value and price of Bitcoin are only expected to surge ahead. Also, the recently deactivated SegWit application has made the service more reliable and less on technical snags.
Bitcoin is hailed as digital gold. It is billed to serve as in alternative asset, especially with the world facing geopolitical tensions. With market big name Fidelity launching new service, users can now track virtual currency.