Bitcoin, the first decentralized currency has crossed the $11,000 milestone level. The spiked levels were, although accompanied with high levels of uncertainty as hours later the digital currency slipped down to $10,777.27. The Bitcoin’s rise has been the stuff, the legends are made of with the journey starting from 6 cents seven years ago to less than $1,000 an year ago.
During the weekend, the currency surpassed the $9,000 level as 3,00,000 users joined Coinbase – a United States based platform for buying and selling bitcoin. This rise in membership can be attributed to the Thanksgiving holiday. As per an official statement from Coinbase, the company is experiencing an all-time high traffic and they are trying their best to handle this spurt with optimal performance.
The bitcoin exchange is majorly divided into United States, Japan and South Korea. While Japan wins the majority by contributing a mammoth 64% in bitcoin trading, US takes a second place with 21%. Trading in South Korea stands at 8%.
Another digital currency Ethereum also hit the roof as it reached $519.85. Bitcoin’s legitimacy will soon be established as an asset class with the launch of bitcoin futures by world’s largest future exchange, CME in the second week of December. As per estimates by industry experts, Bitcoin can easily reach $40,000 by the end of 2018. It can be the biggest bubble of our lifetimes as assessed by financial analysts.
However, not everyone is enthusiastic about the rise of Bitcoin. JP Morgan Chase CEO Jamie Dimon has called Bitcoin a “fraud”. There are also other voices which claim this to be an index of money laundering.