Bitcoin, a cryptocurrency which has crossed the milestone for the first time since its creation in 2008 has surged passed $10,000 on a Wednesday evening and topped $11,000 less than 24hours after hitting 10,000 for the first time.
The digital currency continued on its record-breaking streak , rising to $11,150 and few minutes later made it through $10,000 , then finally fell back to 10,8000. However, again highlighting its volatility.
According to research site Coindesk, bitcoin has spiked 933 percent since the beginning of the year when it was traded at $968.23 as reported by Wall street journal. Despite the speculated rumours of bitcoin’s association with criminal activities , investors were not really disturbed as they piled up into the cryptocurrency recently as a safe haven to more traditional assets like gold.
Bitcoin has a market value of $180 billion according to BitInfoCharts, which substantially amount which is more than the value of General Electric. The coin having scaled to $9,000 this weekend , marking it as the world’s largest cryptocurrency by the market capitalization hits a new high of $10, 700 as at 1:45 UTC, the coin shot up came after exchanges in South Korea which moved it above the threshold yesterday and today.
The not so good news though is that it dropped 18 percent in value at the end of the trading day. This fuels the notion that the cryptocurrency is just showing the usual bubble signs and would soon crash. But I guess we’ll see
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
