The past month has been exciting for Bitcoin investors, and for the entire cryptocurrency space as Bitcoin and other coins have entered the strongest rally ever seen in the cryptocurrency space.
Currently one Bitcoin is worth $11,561.32 just hours after topping the $11,000 level and little more than a day after investors in the ground-breaking cryptocurrency began celebrating an all-time high of $10,000.
The current rally and parabolic gains from Bitcoin come as Wall Street investor interest in the cryptocurrency space has been increasing dramatically. December will see the Chicago Mercantile Exchange launching a futures product based on Bitcoin, and where just two months ago most of Wall Street had nothing good to say about Bitcoin, today everyone wants to get in.
Billionaire hedge fund manager Mike Novogratz has been featured recently after saying on CNBC that he believes Bitcoin can “easily” reach $40,000 in 2018, and given the current momentum of Bitcoin that number may even be conservative. Consider that the cryptocurrency markets are still very much in their infancy, with little adoption from traditional financial institutions, funds and banks, and the possibility of tens of billions in capital quickly entering the market could drive Bitcoin prices astronomically higher.
It isn’t only Bitcoin gaining either. Currently nine of the top ten cryptocurrencies are making substantial gains, with Ethereum topping the $500 level. Novogratz is also bullish on Ethereum and feels it could easily triple in 2018.
The combined market cap of all alt-coins is nearing $340 billion, making the market more valuable than Bank of America and Visa, and just shy of the $343 billion value of JPMorgan Chase. I wonder what Jamie Dimon thinks of that?
Since the beginning of 2017 Bitcoin has seen its price surge by more than 1,000%, but with one month to go in 2017, and with mainstream adoption seemingly on the horizon, I have to wonder just how far this rally can go before the inevitable correction hits.