The cryptocurrency is on the rise and bitcoin, in a first, has soared to an all-time high above $10,000 on major exchanges and digital currency indexes, including the widely followed BitStamp.
Bitcoin has been new heights every day and it has soared more than 900 percent so far this year. But the experts say it a ‘bubble’ with no relation to real financial market activity or the economy.
The digital currency on Tueday crossed $10,000 on smaller exchanges such as the CEX.IO exchange, and coinmarketcap long before it hit the milestone on BitStamp.
“The price rise is a continuation of a long-term trend which has been driven by the speculative activity in Japan and also with institutional investors dipping their toes into the cryptocurrency market,” said Thomas Glucksmann, head of marketing at Hong Kong exchange Gatecoin.
“The recent surge is just part of that additional element of excitement amongst speculative traders and a growing contingent of liquid traders that have a long-term optimistic view on … this technology.”