Bitcoin has carried on its unstoppable rally to pierce through $17000 amid speculations of the nearing bubble bust. According to the latest available data on coinmarketcap.com, the BTC/USD pair is trading at $17,096.80.
Bitcoin has skyrocketed again to register gains of more than $5000 in the last two days and extend its market dominance to 65%. In the past 24 hours alone, the crypto currency has seen an increase by 17.84%.
The total market capitalization has reached a record peak of $423 billion. However, the other crypto currencies, except Ripple and Monero, did not record the growing trend similar to Bitcoin.
The major cryptocurrency exchanges over the world saw price divergences due to increasing speculation. Most of the other rival virtual currencies of Bitcoin struggled to find demand. Ether suffered volume losses by 10%. Bitcoin cash too closed the day nearly 6% lower near at $1260.
As the Bitcoin’s jaw-dropping upswing continues, the speculation of a bubble continues. A respected bond manager at Janus Henderson Group Plc. Bill Gross is the most recent to take on Bitcoin, suggesting that it may drive up its value for now but is unlikely to substitute for currencies or gold in times of economic breakdown.
The meteoric rise of the crypto market has intensified the debate on the merits and demerits of such currencies. Some have tied it to facilitate money laundering and illicit activities while others are calling it a helpful method of payment.
Earlier, Cboe Global Markets and CME Group have announced the launch of Bitcoin futures contracts on December 10 and 18, respectively. Nasdaq is another exchange to have hinted the launch Bitcoin futures next year.
The crypto market, strong at $423 billion, has seen a 40-fold increase in 2017. As the value of Bitcoin continues to break barriers, the industry experts are betting on the crypto currency to get to $45000 by 2018 end.
Launched in 2009 by the pseudonym of Satoshi Nakamoto, Bitcoin has become the world's most popular digital currency. It does not come under the jurisdiction of a bank or government and lets user trade money anonymously. Each time it is traded, lines of computer code are digitally signed.