Bitcoin Surges to New Record High of $8200CC0Business17:56 20.11.2017(updated 21:09 20.11.2017) Get short URL123510
The value of the Bitcoin cryptocurrency has rocketed by 37% in just eight days; on Monday it reached a record high of $8,241.
Bitcoin reached a record high of $8,241 on Monday, according to data from industry website Coindesk.
The cryptocurrency has risen in value by 2.6% since the open of trade on Monday, capping a remarkable eight days of growth.
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Since November 12, when Bitcoin was valued at $5,857, the volatile currency has increased in value by 37%.
Bitcoin has enjoyed a meteoric albeit volatile rise this year: at the beginning of 2017, a unit of the cryptocurrency was valued at $998.
Other cryptocurrencies have surged in value, too. According to industry website Coinmarketcap, the market capitalization of all cryptocurrencies also hit an all-time high on Monday, of $242.9 billion.
Some market observers have expressed concern that the meteoric rise in Bitcoin’s value is a symptom of a bubble in the cryptocurrency market. Others are speculating on how far the cryptocurrency surge will go.