Bitcoin Reaches New High By Exceeding $11,700 Mark

Bitcoin

On Sunday, in what seems to be a rebound from a 20% drop last week, Bitcoin soared to surpass the $11,700 mark, which means the digital currency just reached a new record high.

According to CoinDesk, the virtual currency reached an all-time high of $11,773.83 on Sunday, December 3. For perspective, that’s almost $2,753 (30.5%) from a low of $9,021.85 reached on Thursday.

As one might have guessed, Sunday’s recovery proves just how volatile bitcoin can be. Don’t believe me? Check out the currencies stats from this week: on Tuesday, bitcoin crossed the $10,000 figure, and on Wednesday, the digital currency surpassed $11,000, only to drop $1,000 in a matter of hours.

It seems most people have their own opinion on the cryptocurrency but no one really knows the direction it is heading in. On November 27, former Fortress hedge fund manager Michael Novogratz said the currency could hit $40,000 at the end of next year, only to change his mind on Tuesday and say that bitcoin is “going to be the biggest bubble of our lifetimes.”

Regardless of where Bitcoin is heading in the future, today’s new high gives investors worldwide a reason to celebrate. 

Featured Image: depositphotos/Syda_Productions

Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is working towards finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, consumer, technology, and politics.