Published On: Wed, Nov 29th, 2017

Bitcoin on beast mode as it blasts past $10000

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Bitcoin, the crypto currency which has been touching new highs all year long just breached the $10000 mark. It took just two months for the digital currency to shoot from $5000 to $10000 with many speculators calling it the biggest bubble in mankind’s history.

The virtual currency, which has gripped the attention of Wall Street and Main Street, reached the much-anticipated threshold at about 1:26 p.m. ET on Tuesday, according to data from Markets Insider. At the time of writing this article 1 bitcoin is close to breaking the $11000 mark and is currently trading at $10865.

Bitcoin has been on a wild ride this year. In addition to rising nearly $9,000 since the beginning of the year, the cryptocurrency has withstood a number of splits in its blockchain, including one in August that resulted in the creation of clone coin bitcoin cash. Disagreements over how the coin should scale continue to divide power brokers in the bitcoin community.

In India the price of 1 bitcoin is nearing Rs 9,00,000 on popular exchange unocoin. The breakthrough is the latest in a spectacular run for the online money dubbed “digital gold” by its advocates, which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a Japanese-sounding name.

“I think the momentum is still very much to the upside,” Kay Van-Petersen, macro and crypto strategist with Saxo Bank in Singapore, told AFP.

He said it could still suffer pullbacks, but predicted it would be worth USD 50,000 to USD 100,000 in the next six to 18 months.

Transactions happen when heavily encrypted codes are passed across a computer network.

Bitcoin and other virtual currencies use blockchain technology, which records transactions that are updated in real time on an online ledger and which are maintained by a network of computers. Hundreds of other digital currencies have been created since its launch, but Bitcoin remains by far the most popular.

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