Bitcoin Above $10,000: Price Rised 10 Times In This Year
The value of the cryptocurrency known as bitcoin has soared to an all-time high of above $10,000 on major exchanges and digital currency indexes.
It was quoted around $10,115 on BitStamp earlier Today, coming sharply off a high of $10,743.61, which was a rise of more than 5 percent daily, according to Reuters.
It has increased more than 10-fold in value so far this year, posting the largest gain of all asset classes, amid increased institutional demand for crypto currencies.
The digital coin was created in 2009. It uses blockchain database, which allows fast and anonymous money transferring. It’s outside of a traditional centralized payment system.
In some emerging markets, bitcoin had hit well over $10,000 previously. In Zimbabwe, bitcoin traded at $17,875 on Monday. Tuesday’s price in Zimbabwe was not available.
In South Korean exchanges, bitcoin was already close to $11,000 or higher early this week.
Some specific events caused Bitcoin’s rise this year, such as announcement of launching bitcoin futures by Chicago Merchantile Exchange. Besides, the reason of breaking the $10,000 mark is that many investors had a fear they could miss the boat and lose potential profits. That’s why many of them purchased the asset, since the beginning of this year.