Bitcoin reached a new high as of Thursday, November 16th, passing $7,800 for the first time. This is a large milestone for the currency because it shows that the psychological barrier of $8,000 may be in sight. The coin hit as high as $7,815 according to the price index on CoinDesk, but then it dropped slightly.
This price shows that the coin has shown over an 700% return year-to-date and looks like it has the potential to continue rising. One should note that the investment in cryptocurrency is something that is highly speculative and is also unregulated, thus investors should proceed with some level of caution. The currency has gone up a staggering amount this year, passing several investor psychological barriers of $2,000, $3,000 and ultimately $7,000.
This shows that investors are simply not afraid to continue putting money into the currency. The digital currency has seen a bumpy road in the past couple of months with many thinking the train would end, but events like this continue to show that there is not much to stop the rising price of the currency. Data from Google has shown that the interest in bitcoin is hitting all-time highs online, which may be contributing to the price increase.
Since the coin is highly speculative, any news put out is something that could have a large effect on the price, thus it is only a matter of time before more news comes out and likely affects the price of the currency. After suffering a sharp decline in the market, the coin rallied up to this new high price. The hopes are high that bitcoin can continue to rally to new highs, as well as continuing to disrupt the world economy in a positive way, that will likely effect change for quite some time.