Why Is the Price of Bitcoin Shooting up so Quickly?

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Bitcoin has been extremely bullish over the course of the past year or so with prices reaching new highs on a daily basis.

The beginning of the year showed that Bitcoin was under $1,000, with it hitting $5,000 later in the year in the month of October. The price of the coin later rose above $20,000 on some exchanges according to the popular website for the coin known as coinmarketcap.com.


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The latest price saw several Wall Street firms bringing their financial heft into the market. With the market cap of the currency at a staggering $300 billion, it doesn’t seem like anything will slow it down any time soon. To put that in perspective, one of the biggest firms on Wall Street, Goldman Sachs, is only worth about $90 billion. That may not seem like a lot, but passing this milestone has helped to cement bitcoins place in the financial world.


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The high amount of gains has been driven by several factors in the market. One of the most poignant factors has been speculation. Many people think that the price will go up, and based on news that comes out, decide to invest in the currency which leads to the price increasing by quite a substantial amount.

Most people have decided buying bitcoin because they believe that the price will only continue to shoot up, and that if they don’t get in now, they will miss it altogether. The gains have helped many big financial advisors to predict a crash in the market happening quite soon. The hopes are high that this crash will not bring the price down by too large an amount given the amount of people who are involved in the currency. With such a new currency, it will hopefully continue to make strong gains.


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