Bitcoin surpassed $ 8,000 for the first time, as investors put aside technological concerns that had derailed their advance earlier this month.
Bitcoin increased 4.8% to $ 8,071.05 starting at 7:17 a.m, Sydney time on Monday. Now it has risen more than 700% this year after overcoming a fall of up to 29% earlier this month. It has been a tumultuous year for the largest cryptocurrency, with three separate crashes of more than 25% in value, all of which gives way to the following rallies.
Even when many skeptics call the asset a bubble that it hopes to explode, it is getting too big for many on Wall Street to ignore it. The digital currency is gaining acceptance from professional investors, with CME Group Inc., the world’s largest currency market, ready to start offering futures trading in bitcoin next month.
Recent volatility is also due to a rebound in people switching to alternative virtual currencies, in particular, Bitcoin cash. That is gaining popularity due to a lower transaction cost and a faster speed. New iterations of cryptocurrencies are emerging as disagreements persist over the design of bitcoins and the opportunities to make quick money are difficult to ignore. Bloomberg