Despite some of the political news in the United States, current Bitcoin price has exceeded another record with a valuation exceeding $11,000 USD. According to Coin Market Cap, the price for 1 BTC is $11,047 at the time of this writing. The price of the crypto currency has almost doubled since its low point valuation (recently) of the mid-upper $5,000’s in early November of this year. The continuing increase in valuation of Bitcoin has many investors wondering if or when the crypto currency will finally hit its peak, and if there will be a bursting of the “Bubble” or not.
Short-Term Bitcoin Valuation Trends
Over the past 24 hours, Bitcoin has seen its valuation continue to rise as you can see from the chart provided by CoinMarketCap.com. Over the course of Friday, December 2nd and into December 3rd, the valuation of the currency rose more than $500 USD, with a peak just over $11,300. Over the past several months, Bitcoin has continued to defy expectations and continued to trend upwards in value.
Why Does Bitcoin Keep Increasing in Value?
There have been a number of theories floated. Some were regarding the pending Segwit2x hard fork that could end up with creating free, “Segwit2x coins” for those who own Bitcoin, while others are just getting onboard the Bitcoin investment train in their efforts to seek out investment opportunities in the current market. It is currently believed that Segwit2x has a low probability of being implemented and updating the current Bitcoin blockchain without creating a new type of asset (the Segwit2x coins). It is very likely that speculation along these lines is helping to continue the increased interest in the Crypto currency, so we will continue to track and see!
Historical Bitcoin Prices
From the past six years, the following are the Bitcoin valuations.
Dec 2011 – $2.00
Dec 2012 – $3.00
Dec 2013 – $800
Dec 2014 – $300
Nov 2015 – $500
Nov 2016 – $700
Dec 2017 – $11,000