"Is this going to be the next big leg in price discovery or the beginning of the crash market sceptics have been warning against for the biggest cryptocurrency?" asked Naeem Aslam, chief market analyst at Think Markets. Today, it has appreciated by the same amount in less than 24 hours.
However, this hasn't slowed down Bitcoin, more and more people across the world are taking their chances on the bitcoin lottery, with institutional investors getting ready for crypto trading. Over the year bitcoin has risen by 1,574 percent.
But those declines didn't stop the overall market valuation for cryptocurrencies from pushing past the $400 billion mark.
However, many financial experts and exchanges have adopted the cryptocurrency.
The cryptocurrency continues to astonish investors around the globe by exponential rise in 2017. "That's what's needed, and it needs to be done by the Federal Reserve, the SEC, and the Bank of England and the European Central Bank at the same time". Upcoming trade in bitcoin futures may be boosting priceJust recently three bitcoin future exchanges were approved in the U.S. and one will begin later this month.
Davies might have a point.
There are two key traits of Bitcoin: it is digital and it is seen as an alternative currency.
It slumped in 2014, after Mt Gox, then the world's biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen. This has reflected most on the price of Bitcoin on several South Korean exchanges, which has reached more than $17,000 on exchanges like Bithumb. The company called the attack "highly professional" with "sophisticated social engineering" and said it was still being investigated.
The price of bitcoin has exploded to 15,200, a new all-time high record.
CME Group (NASDAQ:) will begin initial listings of bitcoin futures contracts on December 18.
Alongside the dominant Bitcoin, other cypto-currencies such as Ethereum and Ripple have also been enjoying rallies on the back of this. Investors can bet that bitcoin is overvalued and turn a handsome profit.