Bitcoin has climbed above $15,000, continuing its meteoric rise and breaking through its latest key, psychological price level.
After surpassing this level, Bitcoin continued its ascent, having risen to as much as $15,661.14 at the time of report, according to the CoinDesk Bitcoin Price Index (BPI).
By reaching this level, the cryptocurrency has climbed more than 1,500% year-to-date (YTD), additional BPI figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Bitcoin’s ‘Latest Milestone’
After Bitcoin reached its latest milestone, more than one analyst weighed in on the significance of this event.
“$15,000 is the latest milestone for Bitcoin, highlighting the strong upward momentum and investor confidence in the cryptocurrency,” said Iqbal Gandham, UK managing director at global trading and investment platform eToro.
“Thanks to today’s price surge, Bitcoin now has a total market value of over $250 billion – more than General Electric and IBM’s market cap,” he emphasized.
Gandham also weighed in on the various developments driving Bitcoin’s price higher, stating:
“In our view, the latest price spike is driven by the likely influx of institutional money, combined with the growing regulatory framework in countries around the world and the increasing confidence in the technological framework of the Bitcoin blockchain.”
Neelabh Dixit, co-founder of digital asset management firm Cryptomover, offered a similar stance.
“Looks like ROMO(Regret of Missing out), clarity in regulatory environment and interest from institutional money have been the primary drivers of the last rapid rally,” he said.
What’s Next For Bitcoin?
Several market observers have supplied predictions of where Bitcoin will go over the next few years, but Dixit provided a more short-term outlook.
While Bitcoin broke through $15,000, the markets do not look particularly “excited” about this development, he asserted. “In fact the market already looks like it is getting ready for the 20k price level before December 10, when futures trading begins,” he stated.
“While the big institutions start trading BTC futures this Sunday onwards we feel that there is a good chance that some of them might want to get some BTC in their books before the end of the year as there will be good amount of opportunities” for arbitrage.
Charles Hayter, co-founder and CEO of CryptoCompare, also weighed in on the impact that Bitcoin futures will have on the market, stating that they will fuel greater demand for the underlying digital currency.
He added that futures trading also helps validate the underlying technology - meaning both Bitcoin and digital currencies in general.
Disclosure: I own some Bitcoin and Ether.