Bitcoin broke above the $12,000 mark yesterday – and just like every time – it did that in style. The cryptocurrency continued to march even higher and is now close to $13,000, currently sitting at more than $12,716.
The surge passed the $12,000 mark pretty quickly and got close to the $13,000 mark even quicker. If we see the recent months, it crossed $5,000 in October and touched $11,000 less than a month after that.
If you had $2,5000 worth of Bitcoin in June this year, you would have more than $12,500 right now which means clean $10,000 of growth. With this new Wednesday morning Bitcoin spike, the cryptocurrency is now valued at more than $212bn., with a supply of 16.72 million bitcoins floating in crypto space.
Some experts still claim that Bitcoin is a bubble.
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One of them is the Yale University senior named Stephen Roach, who told CNBC on Tuesday that he was deeply skeptical about investing in this cryptocurrency. As he said,
“This is a toxic concept for investors and a dangerous speculative bubble by any shadow or stretch of the imagination. I’ve never seen a chart of a security where the price has a vertical pattern to it – and Bitcoin has the most vertical pattern I’ve ever seen in my career.”
Still, there are many aspects of the financial world and authorities that embraced Bitcoin and the new crypto trends. Exchanges like CME and CBOE have legitimized the investment credentials and announced that they plan to introduce futures contracts in their exchanges.
At this point, there may be a correction possible regarding the price of Bitcoin. However, what’s certain is that the virtual currency passed another milestone which is the $12,000 limit.
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