Sunday, November 26, 2017

Bitcoin price jumps $400 overnight to over $9000 per coin as Western investors begin to enter market in droves

Some of the predictions of Bitcoin reaching $10,000 per coin before the end of 2017 are appearing now to have been conservative as the cryptocurrency's movements over the last five days signal that milestone could easily be reached as early as next week.

Overnight buying of Bitcoin in the 24 hour market has driven the price up over $400 to a new all-time high of $9200 as Western investors have begun to enter into the market in droves thanks to the expected acceptance of Bitcoin derivative trading on Wall Street.

Less than 24 hours ago, we noted that Bitcoin had broken above the recent resistance level around $8,300 and hit a fresh all time high of $8,650, observing that the world's biggest cryptocurrency by market cap is now rising at a pace that has put the $10,000 price target by both Mike Novogratz (and Jose Canseco) firmly in its sights. It didn't take long however for bitcoin to find a new round of eager buyers, and in early Asian trading, a burst of buying out of Korea's Bithumb exchange, has sent bitcoin surging another several hundred dollars higher, and around midnight ET bitcoin had surpassed $9,000, sending its market cap to $150 billion, making it more valuable than corporations like Siemens, Mastercard or McDonald’s. 
The sharp gains come as the combined market capitalization for all cryptocurrencies also peaks at new highs – currently standing at just shy of $300 billion. 
At this rate of appreciation, the crypto may hit the key psychological level of $10,000 in under a week. Needless to say, the long term chart is about as exponential as it gets, so as usual, buyer beware. - Zerohedge


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