Bitcoin skyrockets into stratosphere smashing $7000 level

Bitcoin Blasts Price Rise

Bitcoin skyrockets into stratosphere smashing $7000 level

Bitcoin breaks another record as the price of the cryptocurrency continues to rise, driven by new bullish trading since Tuesday, Oct. 31.

The digital currency hit a new all-time high of United States dollars 7,067.54 on Thursday, as per CoinDesk's Bitcoin Price Index valuing it at USD 118 billion. That, however, is not stopping many from speculating where they believe the currency will be.

The cryptocurrency market hit a new record high today, with a total valuation of over $187 billion. In less than 10 years, bitcoin has come a long way from being "mined" in homes and predominately used to buy illegal goods online. The decision from the institution, which dubs itself "the world's leading and most diverse derivatives marketplace", gave bitcoin a major vote of confidence and is seen as a step towards its widespread acceptance on Wall Street.

The latest spike in value brings Bitcoin's yearly gain to well over 600 percent. Unfortunately, such a device isn't now available, so the chance of seeing where Bitcoin will be in the next 10 years is not possible. Bitcoin has grown leaps and bounds in terms of value in recent months, with 200 per cent growth during the course of past seveen weeks alone.

Data from Google Trends indicates searches for "bitcoin" and "bitcoin price" are also nearing all-time highs, suggesting this exposure is perhaps translating into new awareness and investment in the protocol, now valued at more than $100 billion, according to data from CoinMarketCap. Many people have hesitated to invest in the digital currency because it isn't properly regulated and there aren't enough protections for investors. Van Petersen is the same analyst who rightly predicted that the cryptocurrency would reach $2,000 in 2017.

Another individual making a case for bitcoin's future price is Wences Casares, CEO of Bitcoin wallet Xapo and a member of PayPal's board of directors. She has encouraged banks and regulators to learn about the technology, and to be prepared.

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