Bitcoin's roaring rally continues, tops $1700; $2500-3500 seen by 2017 end
Sandeep Goenka, co-founder of Zebpay predicts bitcoin prices to be in the range of USD 2,500 to USD 3,500 by the end of 2017.
August 04, 2017 / 02:29 AM IST
A Bitcoin logo is displayed at the Bitcoin Center New York City in New York's financial district, U.S. on July 28, 2015. REUTERS/Brendan McDermid/File Photo - RTX2R4TR
The bitcoin rally does not seem to stop anytime soon -- the digital currency has been setting new highs every other day.
The price rose over USD 100 today to touch a new all-time high of USD 1,747, as per the CoinDesk price index.
Since the beginning on 2017, the price of bitcoin has rallied over 70 percent and in just this past week has gone up by USD 200. Not just bitcoin but many other altcoins have been up by over 600 percent this year.
"Current bitcoin rally is due to increasing awareness and demand for bitcoins globally. Positive news of regulation in major countries like China, Japan and Russia have added fuel to the current rally," says Sandeep Goenka, co-founder of Zebpay.
"Since the supply is limited and demand is increasing, prices are moving upwards and touching all time highs almost every year. Bitcoins represent a new investment category called digital assets. This industry is exploding in usage and innovation. We believe this is just the beginning," he says.
Goenka says bitcoin prices may be in the range of USD 2,500 to USD 3,500 by the end of 2017.