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Bitcoin Price Hits US $3,000

FinTech

Bitcoin Price Hits US $3,000

Bitcoin’s big surge continued on Sunday when the price per unit of the digital currency briefly broke the $3000 mark.

Bitcoin traded above $3,000 for the first time this Sunday, as it continued this year’s massive surge and helped by increased demand from Asia investors.

The price of Bitcoin crossed $3,000, taking the overall market capitalization to around $114 billion. Just a week ago, the overall cryptocurrency market cap was $100 billion with Bitcoin hovering just below $3,000. The price of Bitcoin has been gradually rising since the beginning of June after observing some correction towards the end of May. In the past 3-4 days, Bitcoin’s price was in the range of $2,800 to $2,900.

Bitcoin’s price hit $1,400 in early May and has been on an upward climb ever since, despite many saying that the latest spike in the price of bitcoin is a bubble.

A contributing factor to bitcoin’s current surge is growing demand from Asia. In addition to the China factor, Japanese interest has risen ever since the government approved bitcoin as a legal payment method in April.

According to Kay Van-Petersen, Global Macro Strategist at Saxo Bank, has made a long-term call predicting Bitcoin’s price 10 years from now. He told CNBC that Bitcoin’s price has the potential to cross $100,000 in 10 years. This translates to an increase of more than 3000% from its record high.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

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