One bitcoin is now worth more than $12,000
Bitcoin is on the rise again.
On Wednesday, the price of one bitcoin broke through $12,000, a first for the cryptocurrency. At time of writing, Bitcoin is trading at $12,740, according to CoinMarketCap.
Bitcoin’s market cap broke $200 billion for the first time as well, and is currently at $213 billion. The total market cap of all cryptocurrencies is now at around $375 billion.
Just one week ago, Bitcoin passed the $10,000 barrier for the first time. Soon after that the price fell to about $9,300, but the correction was short-lived.
The promise of institutional investors joining the game is positive news for Bitcoin, as are increasingly bullish price predictions from several notable investors. Billionaire Mike Novogratz recently said Bitcoin price could easily reach $40,000 by the end of 2018.
On the flip side, Bitcoin’s network is pretty strained right now; transactions are slow and transaction fees are high. A planned “hard fork” that was supposed to alleviate it was canceled in November, and several other projects used the hard fork method — which takes Bitcoin’s blockchain and history but moves in a separate direction — to start a Bitcoin clone. The most prominent of these, Bitcoin Cash, has gotten a fair amount of support from some investors, but its price has leveled off recently.
The price of Bitcoin increased more than 1,200% since January. It’s been called a bubble a lot during that time, but the bubble is yet to burst.