Facebooktwittergoogle_plusmailFacebooktwittergoogle_plusmail

In what is becoming an everyday occurrence, Bitcoin set a new all-time high today while breaking through the $8,300 plateau. The value reached $8,360.11 at 9:28 a.m. Central time U.S. on the Coindesk Bitcoin exchange index. In the same hour, it reached an all-time high on the GDAX exchange at $8,375.

Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, told Bloomberg.com the Bitcoin rally still has some serious legs:

After surging more than sevenfold since December, the largest and most widely known digital currency will end the year at $10,000 from about $8,200, he said. Smaller rival Ethereum will trade at $500 from almost $370 Tuesday.

Bitcoin is like digital gold in that “way back people chose gold to have value and it has value solely because people say it has value; bitcoin is built on an amazing technology, there’s a limited supply of it,” Novogratz said in an interview on Bloomberg Television. “This whole revolution came out of a breakdown in trust in the 2008 crisis.”
If the current trend of valuation increases continues, the price will reach $10,000 by Christmas, if not long before. There’s nothing sure about that, due to the market volatility to which Bitcoin holders have become accustomed.
Meanwhile, Standpoint Research founder Ronnie Moas raised his 2018 price target for Bitcoin to $14,000 from $11,000, representing nearly 70 percent upside to its current level, according to CNBC. He has recommended the cryptocurrency since July, when it was trading under $3,000.

 

“There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin’s way have been knocked down,” Moas wrote in a report to clients Monday. “An argument can be made that the good news is still not fully reflected in the current price.”

The Bitcoin Coaches are following the market valuation of Bitcoin, and will post updates as events warrant.

Facebooktwittergoogle_plusmailFacebooktwittergoogle_plusmail