For the first time, Bitcoin cryptocurrency has bubbled up to its peak and reached all time high value that surpassed $10,000. This year’s surge has now surged by 10-folds, which might look like a gala, but it may also be a warning that indicated Bitcoins to be an asset bubble.
What was once considered as an alternative providence medium for computer developers, futurists and business libertarians, has now become one of the costliest currencies. While actual transactions conducted through cryptocurrencies is still too small, we cannot ignore the rising optimism towards virtual money that has soared its values to new highs. On Wednesday, the Bitcoin turned into red-hot Bitcoin as it soared through an all-time high above $10,000. With this soar, the gains propelled up to more than 900 percent so far this year, the most of any asset class.
Bitcoin, which was created in 2009 is gaining popularity because it promises low transaction fees than tradition online payments and that it is not regulated by any government of financial entity – which means the foreign exchange stress pulls off right out. Enthusiasts and supporters for bitcoin are attracted by its revolutionary ideals of transparency and a lack of central or official control. But, the risk of collapse of the company which whitepapers the cryptocurrency always looms. Talking of Bitcoin, it is far from that cry because reaching the level of $10,000 is a major turning point for not just Bitcoin but for the entire cryptocurrency space.
It may be positive, or it could turn out into a disaster in form of a bubbled up digital asset. An outrageous surge of 50% since October this year, that is within a month has left analysts bewildered of whether the largest cryptocurrency asset by market capitalisation is truly an asset or is just another bubble asset. There is still skeptism about the fact that there is no agreed authority for the price of Bitcoins and its quotes vary significantly across exchanges. But Bitcoin is perhaps at is best, while holding 50% of the $300 billion market cop.