While many may have expected the bitcoin exchange rate to take a bit of a breather over the Thanksgiving weekend, it appears that the cryptocurrency has continued its upward trend, having just passed the $9,000 mark. Most notably, its peak of $9,093.26 as of 6:54 am UTC on November 26th has set a new record.
The result comes in spite of warnings from analysts, including Ulrich Stephan, chief strategist at Deutsche Bank who said, “I would simply not recommend this to the everyday investor.” With the conversion rate of bitcoin increasing at its clip, one could be forgiven for thinking that there will be an imminent crash in the value of the cryptocurrency, particularly as it has appreciated in value by $1,000 every one to two weeks since breaking the $5,000 mark.
#Bitcoin— Amichai Stein (@AmichaiStein1) November 26, 2017
$0 - $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
To lend further context to its success, bitcoin has seen an eye-watering 1,128% increase in value year-over-year, placing it within striking distance of the $10,000 threshold which, at the current rate of appreciation, should be achieved before the end of the year. It also managed to add another $35 billion to its market cap in the last three weeks alone.
Of course, it remains to be seen if bitcoin will run out of puff in the short term, with many pundits waiting for a mass sell-off of the crytocurrency to burst its perceived bubble.