Bitcoin's price has soared tenfold this year, prompting many market participants to warn of a bubble as it topped $11,000 for the first time last week.
Bitcoin's ecosystem, as far as government institutions are concerned, has become a bit of a nuisance when it comes to the legality of things its holders do with the cryptocurrency. Trading volume has expanded slightly over the last day.
On November 28 the value of one bitcoin was Dollars 9,791 and on December 3, it reached its all-time high of USD 11,828, according to Coindesk, Bitcoin Price Index. At the beginning of 2017, bitcoin was at $1,000. Just one year ago one bitcoin was worth $764.
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With Wednesday morning's spike, bitcoin now has a total market value of about $213 billion - more than twice Goldman Sachs' market cap. Concerns about bitcoin mining's huge energy consumption There are growing concerns, especially among some environmentalists, of the huge energy consumption of bitcoin mining. A very recent article on the issue can be found in Ars Technica. Chicago-based CBOE Global Markets is planning to launch bitcoin futures on Sunday, while the world's largest futures exchange, CME, is set to launch its futures product the following week. This development will open bitcoin to a wider range of investors who will be able to trade bitcoin futures. We had mentioned a couple of days back that the break through this region would only be a matter of time. Investors can bet that bitcoin is overvalued and turn a handsome profit.
As expected, the bitcoin prices have just broken through the $12,000 region as of this writing and continue to move higher through towards the $12,200. The continuing volatility of bitcoin's price will likely limit its use and acceptance as a currency.