Bitcoin smashes $10,000 barrier, next stop - the moon

Bitcoin has passed the $10,000 mark for the first time. Some exchanges were reporting that the threshold had been passed hours ago, however, CoinMarketCap, an authoritative entity, is now too reporting that the threshold has been passed. 2017 has been explosive for bitcoin; the price has gone from a 'lowly' $1,000 to its current value.

One explanation for the price increases is due to new waves of interest. The initial increase to $1,000 was driven by interest from early adopters, those with the technical skills to enter the bitcoin market. The price increases we’ve seen in 2017 have been allegedly attributed to the on-boarding of investors, and the theoretical third wave will be when the masses adopt the technology. This wave too could also bring significant increases to the cryptocurrency's value.

At the start of this month, bitcoin reached $7,300, a price point which was swiftly surpassed on November 26th. Today, two days later, it's over 9,000, reaching the mythical 10,000 dollar price point after much anticipation.

For those bullish on bitcoin, $10,000 was sort of expected to be hit; instead, those optimistic about the cryptocurrency have been saying for years that it could get into the realms of $50,000 to $100,000, with more outlandish claims putting its potential at $1,000,000.

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