Bitcoin Price Hits New Record High of $9700, Could Hit $10000 Today

Andrew Cummings
November 27, 2017

Still, Bitcoin has gained almost 870 percent year-to-date, fueling the contention that the bubble can not continue to expand much further.

The surge in insterest also returns on the of CME's declaration that it will list bitcoin fates in the second seven day stretch of December.

With bitcoin's price explosion, the total market capitalization for the cryptocurrency market has surpassed $300 billion for the first time. In the past 24 hours, the Bitcoin trading volumes have also surged to an nearly $6 billion and now Bitcoin is trading at a price of $9728.97.

Bitcoin has multiplied more than eight times in value this year amid increased interest from institutional investors. Bitcoin rival Ethereum reached a record US$469.94 over the weekend.

The cryptocurrency jumped to an all-time high of $9,682.10 hours after cracking the $9,400 level on Sunday, according to industry site CoinDesk. At the beginning of the month, Bitcoin crossed the $7,500 threshold and hit $8,000 just over a week ago. "Anecdotally, everyone I have talked to in the cryptocurrency community has said that Thanksgiving table discussion was all about bitcoin, and that inspired many family members to buy bitcoin", said BK Capital Management founder and CEO Brian Kelly in an interview with CNBC.

However, the Bitcoin trading is derivatives market is expected to bring a lot more stability in the price fluctuations thereby reducing the huge volatility that has been seen in Bitcoin prices.

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