Bitcoin, one of the fastest growing cryptocurrencies in the world, crossed the $ 12,000 mark for the first time early Wednesday morning. According to Reuters data, the digital currency rose by as much as 5.1% to reach $12,275, gaining over $ 500 since the day opened.

Bitcoin was down to $ 11,796.02 on Tuesday but increased rapidly in the last 24 hours. The digital cash received a huge boost on Monday after two major U.S. Exchanges announced they will begin trading in futures tracking the cryptocurrency from December 10. This increase in the Bitcoin’s value has pushed this cryptocurrencies market capitalization beyond $ 200 billion. The total market capitalization of all the cryptocurrencies reached $ 354 million post Bitcoin rise.

Starting off at $ 1000 at the beginning of this year, Bitcoin’s cryptocurrency increased by over 1,000% till date. Meanwhile, the market capitalization of cryptocurrencies increased by 1,886% over the year. In South Korean markets, the virtual currency was trading above $ 14,000 according to data from CoinMarket Cap. The data also suggests Bitcoin (BTC) has gained 18% over the last 7 days.

While multiple financial experts have spoken out against cryptocurrencies including Warren Buffet, many international markets have begun accepting bitcoin futures trading. Although JPMorgan’s CEO Jamie Dimon called the digital currency a fraud, the global markets strategist Nikolaos Panigirtzoglou recently said Bitcoin futures can bring stability and legitimacy to the markets.

Meanwhile, market analysts are also scared the cryptocurrency is dangerously close to bubble territory. Reuters also reported many of the users have been buying bitcoin to use it as a means of exchange, but are speculating to increase their capital. Currently, Luxembourg based Bitstamp BTC=BTSP is one of the largest and most liquid cryptocurrency exchanges in the world.

Leave a Reply

Your email address will not be published.