As per the data of Coinbase Bitcoin Price Index, Bitcoin is currently trading $7,231. This development has taken place about a little more than two weeks after the prices touched $6,000 mark.
While Bitcoin’s critics like JP Morgan Chase CEO Jamie Dimon and Russian government exist, why are its prices continuously increasing? This boost can be attributed to the rise in the Initial Coin Offering (ICOs), which is driven by the rise in other cryptocurrencies like Ethereum.
According to Forbes, in the first three quarters of 2017, more than $1.2 billion has been raised for more than 100 ICOs. Like Bitcoin serves as a liquid asset behind these ICOs and it can be converted to cash, its value continues to rise.
What would be the point when bitcoin prices will become stable? Don’t forget to share your views and predictions with us.