Bitcoin had a successful demolition job on Thursday when it crashed the $7000-mark for the first time in history, almost doubling its market value in mid-September, as investors cheered the launching of the cryptocurrency in two major exchanges.
The hottest cryptocurrency in the digital market clung to a 5% gain yesterday to settle at $7 105 per coin, the highest close since its initial coin offering in 2009, and more than ten times its original value.
With a new all-time record on its belt, Bitcoin has now a market capitalization of approximately $116 billion.
The rally was spurred by the news that CME Group, an operator from Chicago exchange, and the CBOE Global Markets are set to launch derivatives from bitcoin, which bolstered the digital currency’s reputation and showed that Wall Street is in a serious bid in using Bitcoin.
Back in late September, the digital currency had a tough struggle in breaking the $5000-barrier due to harsh remarks from big firms such as JP Morgan Chase and BlackRock, stressing that the Bitcoin surge was just a mere bubble.
Adding volatility to Bitcoin was China’s move to ban any initial coin offering in the country as the government believed that Bitcoin was used as illegal form of fundraising.
With a tall wave of controversies, investors were able to shrug off any concerns hounding Bitcoin and brought the digital currency to new heights, to remain as the best performing cryptocurrency in the market.