Bitcoin Passes $11,000

Bitcoin Passes $11,000

Just yesterday, Bitcoin passed the $10,000 mark and this morning it jumped up to $11,000.

As per CoinMarketCap, the BTC-U.S. dollar (BTC/USD) exchange rate skyrocketed to a high of $11,517.40 at 14:14:11 UTC. At press time, the cryptocurrency is changing hands at $10,994.80 and is up 9.29 percent on the day. BTC’s price is up 84 percent for the month and a whopping 1392.17 percent for the year.

Source: CoinMarketCap

When SegWit2x, Bitcoin’s major upgrade, was postponed a little more than two weeks ago, things were looking extremely bleak for the currency. It dropped to a low of $5,672. Lately, it has shown its true strength as it continues to break its own records on a daily basis. With the upcoming Chicago Mercantile Exchange Bitcoin futures on the horizon, prices should continue to move upward in anticipation.

With Bitcoin doing so well in the last few weeks, other cryptocurrencies have also hit new record highs. Ether, the world’s second largest cryptocurrency by market value, is up 61 percent for the month and Dash, the fifth largest, is up 21 percent in just 24 hours.

There has been much talk of a ‘bubble’ swirling around the cryptocurrency market this year, with the market now being compared to the dot.com bubble that occurred in 2001. While it is still unclear if these speculations are true, it is always wise to only invest as much as you are able to lose.

Featured Image: twitter

Chelsea Roh is a freelance content writer living in Vancouver, BC. Her current focus is cryptocurrency, financial analysis and blockchain technology. In addition to content writing, she is an experienced Social Media Manager/Strategist. Before moving to Canada, she spent 10+ years marketing and working hands on in the medical practice industry.