It could be the moment of reckoning for bitcoin's price.

The cryptocurrency is flirting with the much-anticipated mark of $10,000 this morning. At 12:30 UTC, bitcoin was trading at $9,906.12, up 1.72% in the last 24 hours. It reached a high of $9,927.06 at 12:03 UTC before paring back its gains.

Based on reports in some publications, bitcoin already seems to have passed the $10,000 mark on some exchanges. The rapid rise in bitcoin’s price in the last couple of days has been fueled by a cocktail of events, from increased trading volumes in Japan to miners shifting their resources to bitcoin from Bitcoin Cash. (See also: If You Had Purchased $10,000 Bitcoin In 2011.)    

Other currencies in the world’s top 10 most-traded cryptocurrencies were a mixed bag. For example, Ethereum, which had been decisively moving towards a $500 price target, lost some of its momentum and declined by almost 2% to trade at $470.67 in the last 24 hours.

Bitcoin Cash, another winner in recent times, was also down by 5.07% and was trading at $1572.27 at 12:42 UTC. The overall market capitalization for the cryptocurrency market was $309 billion. 

A Remarkable 2018? 

By any measure, bitcoin has had a remarkable year. Its price is up by approximately 894% since the start of 2017. With price appreciation and news about applications of blockchain (the technology underlying bitcoin), the cryptocurrency has also become a talking point amongst mainstream media and investors. As it nears the $10,000 mark, several investors and developers have chimed in with their takes on its future prospects.

Billionaire investor Michael Novogratz, who forecast a $10,000 price target before the end of 2017, made a follow-up prediction yesterday. (See also: New $500 Million Hedge Fund Will Focus On Cryptocurrencies.) According to him, bitcoin’s price will hit $40,000 by the end of 2018. He also offered up an explanation for bitcoin’s volatile price swings through much of this year.

“What’s different about these coins other than commodities...there is no supply response here,” Novogratz told CNBC. “So it’s a speculator’s dream in that as buying happens, there’s no new supply response that comes up. So every price move gets exaggerated. It’s going to get exaggerated on the way up. There will be 50 percent corrections. It will get exaggerated on the way down.”

Novogratz's analysis holds water, as bitcoin’s supply of approximately 16 million coins in circulation has mostly remained constant through its price trajectories. And that volatility is not going away anytime soon since bitcoin has limited its coin supply to 21 million.

In the meanwhile, some traders are already preparing for a pullback in bitcoin’s price once it reaches the $10,000 target. Online publication CoinDesk quotes a couple. Arthur Hayes, founder of bitcoin derivatives platform BitMEX, believes the price of bitcoin will fall after reaching $10,000 by the end of this year. The founder of online trading exchange Whale Club told the publication that these are “bubble times” and they are already looking at identifying the next asset for traders.

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