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Bitcoin hits new all-time high over $11,700

December 3, 2017 4:17 PM
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Bitcoin hits new all-time high over $11,700

Mubasher: The price of bitcoin rose to another record high, as it exceeded the level of $11,700 on Sunday.

The surge in bitcoin prices comes as investors await the start of bitcoin futures trading, in a step that can revolutionize the outlook of the digital currency.

Bitcoin saw a series of fluctuations last week, after passing $10,000 on Tuesday, it surpassed the level of $11,000 on Wednesday, before later retreating to near $9,000.

Many analysts have been anticipating such levels for months, with only few expecting it to happen this quickly.

The appeal of bitcoin is increasing despite several warnings from central banks and experts of an asset bubble, as the digital currency is still rarely used to purchase actual goods or services, making it almost entirely a vehicle for speculation.

Some analysts believe the bitcoin bubble is going to get a lot bigger from here due to the global nature of this unique asset.

It is worth noting that the bitcoin started from the price of 6 cents seven years ago, and less than $1,000 at the beginning of the year.

Some analysts believe that the jump in prices will only continue with some expecting it to eventually hit $40,000 per coin.

The recent rushes in the value of bitcoin comes as more traditional investors are entering its market, as they are afraid to miss out on achieving such high profits in a very short period of time.

CNN Money indicated that according to research site BitInfoCharts, the vast majority of bitcoin accounts contain just 0.1 bitcoin, equivalent to about $1,000 or less, while only 3% of more than 20 million bitcoin accounts hold one bitcoin or more.

The US Commodity Futures Trading Commission said on Friday it would allow two major exchanges to launch bitcoin futures, according to Investing.com.

Investors should also be able to start trading bitcoin futures via the Chicago Mercantile Exchange, which is expected to give the virtual currency more legitimacy among professional investors, and Nasdaq is also planning to launch bitcoin futures as early as the second quarter of 2018.

Source: english.mubasher.info

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