Bitcoin surge- Hits an all time high of $11,700
Bitcoin, the cryptocurrency has been hitting the news for hitting an all time high since last week. The digital currency has seen a massive increase of about 20 per cent, to a record over $11,700.
The Bitcoins rose to approximately $11,773.83, rising by about eight per cent in one day. The lowest hit on Thursday being $9,021.85 was increased by approximately $2,753, which is roughly 30.5 per cent.
The growth and the recovery in the case of bitcoins has been rapid. It crossed $10,000 mark with its wild and rapid swings from Tuesday to being $11,000 on Wednesday only to drop more than $1,000 in a couple of hours in the middle of the the heavy trading volume that the exchanges were seen struggling to keep up with.
On November 27, Monday former Fortress hedge fund Manager Michael Novogratz predicted that Bitcoins can easily reach the $40,000 mark by the end of 2018. However, others say that crypto currencies like Bitcoins could be the biggest bubbles of our lifetime.
Bitcoind offshoot and Bitcoin cash jumped by over 13 per cent on Sunday to about $1,606. Another digital currency ethereum rose by over 3.5 per cent to $480. The rapid gains the crypto currencies like Bitcoins have lead to a rise in the total population of Billionaires around the world. There have been seen many instances of people holding a $120 coin worth $11 million. With the value of Bitcoins over $11,700 it holds over a Billions dollars.