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Saturday, May 13, 2017

Bitcoin Price Hits New All-Time High Again at $1,866: Major Factors for Growth

Bitcoin Price Hits New All-Time High Again at $1,866: Major Factors for Growth

On May 9, Cointelegraph reported that Bitcoin price established a new all-time high at $1,733. In just two days, on May 11, Bitcoin price achieved its new global average all-time high at $1,866.

Previously, Cointelegraph revealed that high-profile and institutional investors envision Bitcoin increasing to around $4,000 by the end of 2017. Specifically, Daniel Masters, director at Global Advisors Bitcoin Investment Fund (GABI), stated:

"That example of a successful soft fork in Litecoin has made people start to think that we could get a successful SegWit implementation in Bitcoin and that could increase capacity and move us to the next level. In the eight to 14-month horizon, my forecast would be around $4,000.”

Masters emphasized that Litecoin’s official activation of the Bitcoin Core development team’s Segregated Witness (SegWit) early today is serving as a major driving factor of Bitcoin price. Since miners and investors are carefully observing the effect of SegWit on Litecoin, Masters explained that the demand for Bitcoin is rising exponentially.

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