After surging above the $10000 mark, the fast rising cryptocurrency surged above the $17,000 mark for the first time ever on Thursday, according to CoinDesk, considering just one week ago, CoinDesk listed bitcoin at less than $10,000. One year ago, it was below $800.
Coinbase, listed the price of a single bitcoin at more than $18,400 at one point Thursday morning. By the evening, it showed it trading around $17,300.
“Bitcoin now seems like a charging train with no brakes,” said Shane Chanel, an adviser at investment services firm ASR Wealth Advisers. “There is an unfathomable amount of new participants piling into the cryptocurrency market… Once the hype slows down, we will most certainly see some sort of correction.”
Bitcoin is the most popular cryptocurrency — a kind of virtual “coin” that is “mined” by computers using complex algorithms.
During its epic rally this year, bitcoin has suffered a series of steep drops, reminding of its extreme volatility. After breaking above $11,000 last week, it abruptly plunged by more than $2,000 before resuming its climb.
No matter what exchange you check, bitcoin has experienced a stunning rise this year. It’s drawn increasing attention from mainstream investors.
The cryptocurrency has climbed — with a few sharp dips along the way — despite a flurry of warnings from top economists and business leaders.
Read more on bitcoins
