Mubasher: Bitcoin reached a new all-time high during Wednesday’s trade, breaking the $13,000 mark.
The digital currency reached $13,177 by 9:45 PM (GMT).
The recent surges in bitcoin prices are mainly attributed to more traditional investors entering its market, as they are afraid to miss out on achieving such high profits in a very short period of time, despite several warnings from central banks and experts of an asset bubble, as the digital currency is still rarely used to purchase actual goods or services, making it almost entirely a vehicle for speculation.
The total market value of the cryptocurrency has jumped to $225 billion, compared to only $15 billion at the beginning of 2017, with its value increasing by more than 1200% this year.
Bitcoin saw a series of fluctuations last week, after passing $10,000 on Tuesday, it surpassed the level of $11,000 on Wednesday, before later retreating to near $9,000.