Bitcoin continues its ‘rally’ and exceeds $8,000

The relentless and volatile rise of bitcoin shows no sign of remission and the largest cryptocurrency in the world challenges the growing concern of a bubble after reaching a new record. Bitcoin rose 4.5% to $ 8,045.45 at 12 noon GMT after advancing to 5.2% during the Asian session. It is a convulsive year for the virtual currency, with three falls of more than 25%, which gave rise to subsequent increases.

“Inflation is massive,” said Luke Hickmore, senior investment manager at Aberdeen Standard Investments in London, in an interview with Bloomberg TV. “When will it collapse? Who knows, it will cause a lot of pain.”

Although skeptics believe that the asset is a bubble waiting to explode, bitcoin is becoming too big for many to ignore in the financial world. CME Group, the world’s largest currency market, will begin offering futures operations in bitcoin next month, while senior executives at Goldman Sachs Group and Citigroup have said they are studying the cryptocurrencies and blockchain technology sustains

The recent volatility was the result of an increase in the number of individuals that switched to alternative virtual currencies, in particular the ‘bitcoin cash’ or bitcoin cash. This option is gaining popularity due to lower transaction costs and greater speed. New cryptocurrency alternatives are emerging as disagreements persist over the design of bitcoin and opportunities to make quick money are hard to miss.

Bitcoin cash gained 2% on Monday to trade at 1,194.88, up from a high of 1,388 on November 12, according to the prices of Coinmarketcap.com. Bitcoin has advanced more than 700% this year and now has a market value of more than 130 billion dollars.

“I find it incredible and somewhat alarming to see that, regardless of the blows that the bitcoin receives from the sellers, it simply picks up even stronger,” said Lukman Otunuga, an analyst at ForexTime. “Will the bitcoin reach $ 10,000 before the end of the year? That is the question that every investor is asking.”

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About the Author: BJ Hetherington

BJ is the lead editor of Crypto Post Gazette. Fluent in French and proficient in Spanish and Arabic, he focuses on mobile trends and tech innovations. BJ is a graduate of York University In Toronto. BJ was an early adopter of cryptocurrencies having bought 100 bitcoins in 2010. To contact BJ, just click here

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