There is no stopping Bitcoin as the cryptocurrency reached another milestone–surpassing its $4,000 USD mark!
August 12th is another remarkable date to remember for Bitcoin miners and investors.
Early Saturday, the cryptocurrency was trading just below $3,700 USD when the tide suddenly changed. Late afternoon, the digital currency vaulted to a new record high above its $4,000 mark value.
It should be remembered that it was only last weekend when Bitcoin surpassed its $3,000 mark value, making its worth soar three times more than an ounce of gold.
There is no Stopping Bitcoin!
Apparently, going through the ‘hardfork‘ a couple of weeks ago was not enough to bring Bitcoin down. This month alone, the virtual currency went 40 percent higher than its initial value at the beginning of the year.
With over $4,100 USD trade value, the cryptocurrency was almost up by 7 percent near $3,941 USD in Saturday dealings. According to CNBC, Bitcoin’s market value is now around $64 billion USD, $10 billion USD higher than last week.
Now, people are wondering what keeps the virtual currency moving steadily towards the top of the trading game.
Bitcoin’s Trading Boosts
It appears that Bitcoin got the strongest boost from Japanese trading.
Reports claimed that 46 percent of Bitcoin’s global trade volume comes from Japanese yen trading alone. On the other hand, U.S. dollars only accounted for 25 percent of the global Bitcoin trading. The cryptocurrency owes another 12 percent to Chinese yuan and South Korean won combined.
Another factor that analysts believed to boost Bitcoin was the locked in with SegWit, a system upgrade that would fix the digital currency’s blockchain size issue, allowing more transactions to be stored in every block.
Aside from that, Wall Street‘s obsession with the cryptocurrency is seen by experts as another significant factor in Bitcoin’s current success. Surviving the ‘hardfork’ and coming out unscathed led investors–a majority of which are institutional investors–to take interests in the digital currency.
However, despite Bitcoin’s great visibility these past weeks, some are concerned that it already entered bubble territory. Yet, many still believe that what we see now is just a fraction of what Bitcoin could potentially achieve in trading.
At this stage, no one could precisely predict what the future holds for Bitcoin. It might surge higher in the coming days, or it could come crashing hard tomorrow. Cryptocurrency trading is like a roller coaster ride. If you are an investor, we recommend investing only what you can afford to lose.