Bitcoin Breaks $11,000: A Spectacular Thousand Dollar Day

Just as talk of a bubble and a scary-fast rise were thrown around, Bitcoin broke the $11,000 level without taking a break, and talk of $15,000 seems more realistic now.

Bitcoin had a thousand-dollar day between $9,000 and $10,000. And next, beating all logic, Bitcoin broke through another barrier, to trade at $11,073 on volumes above $9 billion in the past 24 hours. The growth of Bitcoin has hailed back to earlier days of higher volatility.

While the leading coin would add less than 5% a day, in what almost looked like a mature market, now BTC showed it is capable of dramatic moves, growing by 10.52% in the past 24 hours. The price of BTC was 34 higher than last Wednesday, and all the results came despite the gloom and doom regarding deep corrections.

Now, the new price levels mean even harder questions on the future of Bitcoin, now that its market cap is above $185 billion.

The most common explanations for the rise of Bitcoin include: buying pressure from Japan and Korea; the effect of USDT trading; newcomers buying small amounts of BTC while maxing out credit cards to hop onto the trend.

"Please don’t think you missed out & that#Bitcoinis too expensive today:The number of people, and the amount of $$ they’ve made from$BTCin the last 9 years, will not even compare with the wealth & riches that people will make in the next 9 years of the#BitcoinRevolution! 😊— Bobby Lee (@bobbyclee)November 29, 2017"

And with Bitcoin becoming more valuable, hard forks are becoming more common, with around one fork announced each month. But it is important to be aware that seeking the balance of free coins sometimes exposes private keys and steals the much more valuable original asset.

"Far from being a currency#Bitcoinseems more like a performance art satire of economic bubbles. People invest in literally nothing because they think someone will pay more later. At least the Tulip bulb bubble bloomed.pic.twitter.com/czxSgRAGfW— David Law (@davidkeithlaw)November 29, 2017"

At the same time, Bitcoin Cash (BCH) is having a different development trajectory, even lagging behind smaller altcoins in growth. BCH stands around $1,580.44, a far cry from the recent $2,500 peak.

In December, the upcoming CME futures for Bitcoin would enter into the BTC price equation, as buyers of the contract would be allowed to bet within 20% of the day's settlement price. And Bitcoin has shown that its one-month price fluctuations may be much bigger than 20%, a much wilder fluctuation in need of "taming".

As the BTC price rises, less and less coins are available for easy purchase, as investors hold onto the asset and allow only a small amount to be traded and define market prices.