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Bitcoin Madness Continues, Soars Above $10,000

Bitcoin’s fortunes continue to surge.

World’s most popular cryptocurrency  Bitcoin continued with its ongoing bull run on Tuesday as it cruise past $10,000 level on several smaller exchanges and digital currency indexes. This is the new all-time high for the world’s most traded digital currency. However, it remained just below the milestone of $10,000 at some major trading platforms like Luxembourg based BitStamp. At BitStamp, Bitcoin hit high of $9,968 during the last trading session on Tuesday.

On the CEX.IO exchange, bitcoin closed at nearly $10,234. On crypto-currency index, it touched $10,050. In South Korean exchange, the bitcoin price has already crossed $11,000.

Bitcoin’s price has surged 50% since October alone, while recording whopping 900% increase on yearly basis. This unprecedented price surge has taken Bitcoin’s market capitalization to mammoth $167 billion, which is believed to be even higher than the market capitalization of nearly 95% of the S&P 500 Index members.

Interestingly, Bitcoin’s fortunes have continued to rise despite clampdown by several governments and many analysts’ repeatedly warning that this massive bubble is waiting to bust at any moment.

Critics argue that Bitcoin’s supporters want to create an alternative to the central bank-controlled monetary system, making it potentially fraught with danger and risk.  Bitcoin’s supporters, on other hand, claim that this digital currency is the future of global monetary system and not encouraging it would be a huge mistake.

Central banks of several countries have openly said that they may bring cryptocurrency trading under some sort of regulation, but so far nothing tangible has come out. Several experts have also argued that instead of clamping down, governments must think of bringing feasible regulation for cryptocurrency trading.

With most governments so far refusing to blink, the future of Bitcoin looks pretty uncertain. But some analysts claim that even if the current bubble were to bust, bitcoin is here to stay.

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