Bitcoin broke past $13,000 today, adding to the litany of milestones it has reached this year.
The digital asset rose to as much as $13,017.96, according to the CoinDesk Bitcoin Price Index (BPI).
At the time of report, the cryptocurrency had pulled back somewhat, trading at $12,997.15.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Bitcoin’s Sustained Momentum
The digital currency has had a blockbuster year, breaking through several price levels and generating some very promising returns.
When explaining Bitcoin’s continued gains, analysts have cited several factors, one of them being its sustained momentum.
As the digital currency rises to fresh highs, these record levels draw media attention, resulting in a fresh stream of news stories.
The growing media attention in turn generates visibility for Bitcoin, and the cycle continues.
“News begets news with momentum driving momentum,” said Charles Hayter, co-founder and CEO of digital currency platform CryptoCompare.
Further, there is “no reason for this cycle to stop anytime soon,” said David Johnson, CEO of Latium, a tasking platform that pays its users in cryptocurrency.
Bitcoin participation on a global scale is still quite small and has a lot of room to continue growing. The limited fixed supply coupled with an ever-growing demand creates a self-fueled fire. The momentum and attention creates a self-fulfilling prophecy and that fulfillment starts the cycle over again.