Bitcoin has finally hit the $3,000 milestone. Even if it was only for a short period of time.
The price of Bitcoin hit $3,012.05 on Sunday morning. This is the price that CoinDesk saw the virtual currency reach. However, there were some exchanges in China that saw the price of the currency go from $40 to $60 above this.
Reaching $3,000 is a major milestone for Bitcoin and is has caused the currency to increase its value in 2017 by roughly 200%. Just in June the currency’s value has gone up by 30%. Some analyst are predicting that Bitcoin will continue to rise over the next few years, reports CNBC.
reports that the value of Bitcoin only hit $2,999.97 per unit before seeing a sharp drop. This saw it lose $286 per coin, which is a 9.7% decrease. While there are those predicting the crytocurrency will continue to rise, some don’t see it that way.
“I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble,” Mark Cuban, a billionaire investor, said in a Tweet obtained by Business Insider last week.
Bitcoin possibly hitting $3,000 has it meeting the expectations of some analyst. There were predictions that it would hit that mark and those that are more bullish claim that the crytocurrency could reach a value of $4,400 by the end of 2017.
You can follow this link to see some of the pros and cons of investing in Bitcoin.
