While Bitcoin has had its ups and downs this year, its surges and upward trends over the last months have seen the cryptocurrency hitting several historic “all-time highs.” On November 20th for example, it surged past $8,200, then topped out at $9,000 on November 26. But the meteoric rise didn’t stop there.
Today, Nov. 28, Bitcoin’s value has officially hit $10,000. A year ago, Bitcoin had its sights set on reaching $1,000, still relatively new to success, and so this new milestone will leave many to reevaluate the future potential of the cryptocurrency.
Bitcoin’s continued reign within the cryptocurrency market has not been smooth sailing, and these highs were matched by some serious lows earlier this year. The “forking” of Bitcoin (into Bitcoin Cash and Bitcoin Gold) divided the market and added a hefty amount of confusion for consumers. Initial concerns that the fork would lead to Bitcoin’s downfall have yet to be realized, and currently, the ascension of the cryptocurrency’s value is more in line with those who were in favor of the split.
Those in favor of the fork had pointed out that Bitcoin Cash and Bitcoin Gold would stand to speed up transaction times and make the cryptocurrency more accessible.
Bitcoin’s rise in value has already exceeded the predictions of several high profile economists, and if the trend continues, the cryptocurrency may be well on its way to reaching $25,000 within the next 5 years; approximately five percent of the gold market.
Of course, Bitcoin isn’t the only cryptocurrency on the market. While it might be dominating the news cycle for the moment, there are other cryptocurrencies to watch — earlier this month, Ethereum co-founder Vitalik Buterin revealed his plans for the future and scalability of the blockchain.