171104 Bitcoin Strength ($7400.00)

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One-year Bitcoin price chart demonstrates explosive growth

Bitcoin’s strength is breathtaking.  You don’t have to be a clairvoyant to see where this is headed.  Coinbase, a leading Bitcoin exchange, claims 100,000 new users opened accounts in the 24 hours (November 1, 2017) after CME (Chicago Mercantile Exchange) announced they would be starting Bitcoin futures trading before the end of the year. The second American exchange, Rofex, Bloomberg reports of Argentina’s futures trading exchange, will formally announce adding cryptocurrency services to its platform. Outrageous predictions by long-time Bitcoin advocates don’t seem all that crazy now.  Max Keiser, who predicted $100,000 in 2011 when Bitcoin was $3.00, says $10,000 is just around the corner.  longforecast.com  a website that gathers future predictions says Bitcoin reaches $10,439 by the end of 2017, $28,781 by the end of 2018, and $46,232 by the end of 2019.

For the last two weeks, Bitcoin’s price has surged.  It started 2017 at $961.  By September 1, 2017, Bitcoin was up 515% to $4,957.  In the next three weeks, Bitcoin has pushed up to an all-time high of $7,412.44; a 50% increase in 21 days.  At first, the other cryptocurrencies also rose in sympathy with Bitcoin.  Of late, however, the other cryptocurrencies had dropped in price, indicating investors were shifting funds into the more lucrative Bitcoin.  Ethereum and Litecoin are now beginning to rebound.

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One-week Bitcoin price chart shows steady, aggressive growth; up 50% from October 14th.