CME Group's decision to offer bitcoin futures - allowing investors to bet on the price of the cryptocurrency rising or falling by a certain date - on Tuesday sparked its jump from around $6,100 a coin to its current levels above $7,000.
Bitcoin surpassed the $7,000 mark on Thursday for the first time, reaching an all-time high of $7,355.35 at around 7:16 a.m. ET. The surges are the major areas of interest to them and so far, bitcoin has been going through plenty of them.
So with bitcoin illustrating a new level of maturity, where can we expect to see the cryptocurrency in the next 10 years?
Still, analysts have remarked that the increase comes at a time when bitcoin has never been more visible in the public eye, with business leaders and investment luminaries now discussing bitcoin on an nearly daily basis. Now, the digital currency is trading at over $6,600 with a market cap worth over $110 billion, according to CoinMarketCap. The report suggests that Chinese regulators believe that Bitcoin might become a potential threat to the central bank of China, as it could potentially replace the official currency Yuan in daily transactions of citizens. The bullish streak from the digital currency remains unbeaten and unchallenged despite having several other digital currencies claiming new popularity and following.
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For a broad swath of the American public, cryptocurrencies such as bitcoin and Ethereum are now household names. Speaking at a Consensus 2017 conference in NY in May, his speech included a prediction that bitcoin's value would rise to $1 million within the next 10 years.
"If bitcoin breaks the upper, parabolic resistance trend and manages to find support on the trendline, this could signal an entirely new bull market". The value of the bitcoins was estimated around $6300 just a day ago. As long as demand for it remains, it will continue to grow and as its value does, so too will future price predictions.
Editor's Note: Since this article was published, bitcoin prices have changed dramatically.