The world’s most popular cryptocurrency is creating new records with every new day. According to latest reports, Bitcoin has now reached its all-time high value of $18,000.
Forbes revealed that Bitcoin price rallied up to $18,000 per unit on late December 7, and then fell back to about $16,000. In early hours of Friday’s trading, the cryptocurrency extended its gains and reached $18,353.40, but then saw a significant pullback and is currently trading below $16,000.
The cryptocurrency was at about $11,000 on Monday and hit the $15,000 mark early on Thursday.
“Bitcoin remains a major gamble as it is very much an asset that remains in uncharted waters, we’ve simply not experienced this before,” Nigel Green, founder and chief executive of deVere Group said, as quoted by Reuters.
“Also, an asset that goes almost vertically up should typically raise alarm bells for investors.”
Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at Morgan Stanley described Bitcoin a “dangerous speculative bubble” during an interview with CBC earlier this week. Roach said Bitcoin “is the most vertical of any pattern I’ve ever seen in my career”.
On January 1, 2017, the price of Bitcoin was just $997. By the end of November, it had rallied up to reach $9,000 mark.
The rise of Bitcoin has prompted several investment experts to warn public of a possible bubble.
Cboe Market, the Chicago-based derivatives marketplace operator, is going to launch Bitcoin futures on Sunday, December 10. Cboe’s local rival CME Group will also launch its own BTC futures contracts on December 18.