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Bitcoin Hit $11,000 Earlier Today Before Dropping 18% Later Today


Bitcoin, a cryptocurrency which has crossed the milestone for the first time since its creation in 2008 has surged passed $10,000 on a Wednesday evening and topped $11,000 less than 24hours after hitting 10,000 for the first time.

The digital currency continued on its record-breaking streak , rising to $11,150 and few minutes later made it through $10,000 , then finally fell back to 10,8000. However, again highlighting its volatility.

According to research site Coindesk, bitcoin has spiked 933 percent since the beginning of the year when it was traded at $968.23 as reported by Wall street journal. Despite the speculated rumours of bitcoin’s association with criminal activities , investors were not really disturbed as they piled up into the cryptocurrency recently as a safe haven to more traditional assets like gold.

Bitcoin has a market value of $180 billion according to BitInfoCharts, which substantially amount which is more than the value of General Electric. The coin having scaled to $9,000 this weekend , marking it as the world’s largest cryptocurrency by the market capitalization hits a new high of $10, 700 as at 1:45 UTC, the coin shot up came after exchanges in South Korea which moved it above the threshold yesterday and today.

The not so good news though is that it dropped 18 percent in value at the end of the trading day. This fuels the notion that the cryptocurrency is just showing the usual bubble signs and would soon crash. But I guess we’ll see

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