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Bitcoin value sky rockets; touches $9,000 for the first time ever

Shubhanshu Sharma

Shubhanshu SharmaBy Shubhanshu Sharma

Published on 27 Nov 2017 10:28 AM GMT

Bitcoin value sky rockets; touches $9,000 for the first time ever
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London: Virtual currency Bitcoin on Monday notched up its record high as its price sky rocketed above $9,000 for the first time ever, while it was trading above $9,500 in Asia.

Stock markets around the world have been on a tear this year, but their gains are paltry compared with bitcoin's.

The digital currency, which only rose above $8,000 about a week ago, has surged to an incredible 860 per cent since the start of the year.

Even a small portion of the cash managed by major funds "would make a dramatic impact on the bitcoin market", said Thomas Glucksmann, head of marketing at Hong Kong bitcoin exchange Gatecoin.

The backing of a major exchange is encouraging institutional investors 'to dip their toes into the bitcoin market', Glucksmann says.

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He expects more professional investors to put money into it if it breaches $10,000.

Shane Chanel from the Australia-based investment firm ASR Wealth Advisers, predicted that bitcoin will hit $12,000 within the next six months.

The cryptocurrency had plunged as much as 20 per cent after the Chinese government cracked down on offerings in the digital currency, prompting bitcoin exchanges to close their doors.

Earlier this month, it plummeted by up to 30 per cent within the space of a few days, before quickly bouncing back, after it appeared traders were switching to rival cryptocurrencies.

Cryptocurrencies are virtual "coins" that are "mined" by computers completing complex algorithms. Bitcoin is the most famous and widely used one.

Shubhanshu Sharma

Shubhanshu Sharma

Writer has 6 years of experience in digital media. Presently working as Senior Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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