Bitcoin surged past USD 17,000 today as the frenzy surrounding the virtual currency escalated just days before it starts trading on major US exchanges. Bitcoin has gained more than USD 5,000 in just the past two days. Earlier today, the elusive cryptocurrency Bitcoin reached $16,000 in just few hours from $15,000. And not just that, At $204 billion market capital value, the elusive cryptocurrency Bitcoin has left behind 105-year old Citigroup. According to investment advisor Pension Partners, Bitcoin touched $204 billion on Thursday and left world’s largest credit card issuer Citigroup behind.
At $204 billion market capital value, the elusive cryptocurrency Bitcoin has left behind 105-year old Citigroup, rallying at over $16,000 on Thursday. According to investment advisor Pension Partners, Bitcoin touched $204 billion on Thursday and left world’s largest credit card issuer Citigroup behind.
Most intriguingly, the prices of Bitcoin have taken lesser and lesser number of days to achieve each successive $1,000 milestone, even as the prices have recorded an exponential increase since January. The latest buying spree, which defies repeated warnings about it being a bubble from reputed market experts and central banks alike, appears to have driven by a recent frenzy of interest among South Korean speculators and news that bitcoin derivatives will be sold in the US by next week.
Bitcoin, which has no underlying asset value, no face, and in most countries no legal status, has left behind Citigroup: “Founded in 1812, has 200 million customer accounts, over 4,600 branches, 219,000 employees, $71 billion in revenue, $1.8 trillion in total assets,” said Charlie Bilello, Director of Research at Pension Partners.
Bitcoin’s Journey since January
According to data from coindesk.com the price of Bitcoin was trading at $1,000 on January 2nd this year. Notably, much of the rise in prices has happened in the second half of the year, and Bitcoin took more than four months to reach the $2,000 mark. Bitcoin moved past the $2,000 mark on 20th May 2017. The next milestone came pretty quickly as the concurrency moved past $3,000 on June 11th 2017, taking just around 22 days to achieve the feat. The prices smashed through $4,000 closing at $4,111.2 on August 13, taking more than two months. After taking about 60 days to surge past $5,000, the price of Bitcoin closed at $6,140 as on October 21st. November had been a very significant month for the prices of Bitcoin, as the prices smashed through $7,000, $8,000 and $9,000 to finally reach the five-digit $10,000 mark on November 28th. Undoubtedly, December has been the best month for the cryptocurrency as Bitcoin prices have risen meteorically in less than a week. Notably, the prices have pipped $11,000, $12,000, $13,000, $14,000, $15,000 to trade at above $16,000 levels currently.