BTC reaches $10 000 - Reasons behind why Bitcoin is surging!

Bitcoin continued to shatter records last week, reaching a new all-time high of over $8000. The reason for this recent surge deserves some exploration into what it means for the future of the cryptocurrency.

In the span of a week (12 – 19 November), bitcoin climbed from a low of $5500 to a record high of over $8000 – A 47% Increase. The reason for this price dip was the result of a proposed upgrade to the Bitcoin network called “SegWit2x” which aimed to increase Bitcoin transaction speeds.

The hard fork however was called off due to a lack of community consensus. This, coupled with recent positivity surrounding Bitcoin, such as:

1. Favourable regulation in Japan which has been able to counterbalance the tight
   squeeze of regulators in China and South Korea.
2. The Introduction of Bitcoin Futures trading by the CME Group (Available the 2nd week
   of December). This is predicted to bring in a slew of new Institutional money into
   Bitcoin.

All of this has allowed Bitcoin to knock down a number of hurdles and carry on its bullish uptrend with Billionaire and Hedge Fund manager Mike Novogratz predicting Bitcoin’s soar to $10 000 by the end of the year which has now obviously materialised. He has now predicted Bitcoin to reach $40000 by December 2018.