Bitcoin capped $8,000 for the first time, as concerns that shifted its rise this month were brushed off by investors.
Bitcoin was up by 4.8 percent to reach news highs of $8,071.05 on today’s market. Now it has risen by more than 700 percent this year after shrugging off the drops of as much as 29 percent earlier this month. It’s been rowdy year for the largest Cryptocurrency, with three separate slumps by more than 25 percent in value all giving way to subsequent rallies.
Even as many skeptics call the asset a bubble waiting to pop, it’s becoming too huge for many on Wall Street to ignore. The digital currency is gaining the acceptance of professional investors, with CME group Inc. which is the biggest exchange, poised start offering futures trading on bitcoin in the coming month.
Recent volatility have also stemmed from a pickup in people switching to a different currencies like Bitcoin cash. That’s gaining popularity due to lower transaction cost and faster speed. New Cryptocurrency iterations are bounding higher as bigger disagreements over bitcoin’s stability continue to persist and opportunities for making bigger money which would prove to be hard to pass up.
Bitcoin’s price has been in a volatile state, but its 29 percent down-and mostly-back-up over the last few days was unique even for bitcoin itself. For those who are trying to keep up with bitcoin itself.