Bitcoin Passes $8,000 For the First Time in History

The world's biggest cryptocurrency is surging full steam ahead.

11. 17. 17 by Kristin Houser
Peshkova / Getty Images

Just weeks after crossing the $7,000 milestone, bitcoin surged to a new all-time high on November 16, peaking at $8020 on the Bitfinex exchange. This marked the first time the cryptocurrency’s value passed the $8,000 mark, though it dropped back down to $7,896 at the time of writing.

Earlier this month, Sheba Jafari, the vice president of the Goldman Sachs FICC market strategies team, predicted bitcoin’s value would consolidate somewhere around $8,000. “The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher,” she wrote in a note to investors, according to CoinTelegraph.

Whether she’s right and bitcoin lingers around $8,000 or immediately continues upward is up for debate. Veteran trader masterluc said in August that he expects it to hit almost double that — $15,000 —before the end of the year, and FundStrat Global Advisor co-founder Tom Lee believes it could surge to $25,000 over the next five years.

With bitcoin gaining acceptance in the mainstream, neither of those predications are outside the realm of possibility.

Advertisement

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.


As a Futurism reader, we invite you join the Singularity Global Community, our parent company’s forum to discuss futuristic science & technology with like-minded people from all over the world. It’s free to join, sign up now!

Share This Article

Keep up.
Subscribe to our daily newsletter to keep in touch with the subjects shaping our future.
I understand and agree that registration on or use of this site constitutes agreement to its User Agreement and Privacy Policy

Advertisement

Copyright ©, Singularity Education Group All Rights Reserved. See our User Agreement, Privacy Policy and Cookie Statement. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Futurism. Fonts by Typekit and Monotype.