price rise is defying all logic, with the cryptocurrency nearing $13,000 mark
on Wednesday late afternoon after hitting $12,000 for the first time only in
rise in the price of Bitcoin, world’s largest cryptocurrency with multiple
warnings on it, is defying all logic, as the cryptocurrency neared $13,000 mark
on Wednesday late afternoon after hitting $12,000 for the first time in the
morning. Bitcoin price made an all-time high of $12,947
at around 4.30 pm (Indian time) on Wednesday, according to a
leading Bitcoin exchange Coinbase, stopping just $53 short of
hitting $13,000. Earlier, today morning, Bitcoin touched an all-new high
on Wednesday and topped the $12,000 mark for the first time ever.
Bitcoin is rallying for the last one year with beating
almost all the traditional asset classes, be it equities, gold, or real estate,
in terms of annual returns. In the last one month alone, Bitcoin has breached
the levels of $7,000; $8,000; $9,000; $10,000; $11,000; and $12,000, and is now
eyeing $13,000. Over the period of last month only, the value of Bitcoin has
more than doubled.
According to Coinbase, Bitcoin made a
low around levels of $5,850 on 13 November 2017, and since then it’s been
on a continuous upmove. In the last 12-month period, the value of Bitcoin
has appreciated at an unusual pace. On 8 December 2016, the value of
one bitcoin was quoted at much less than even $1,000 at just $765. According to an Indian
Bitcoin exchange Zebpay, a buying price of Rs 9,24,910 and a selling price of
Rs 9,11,036 was quoted for one Bitcoin.
Bitcoin is a type of
cryptocurrency, which operates on the encryption technique, but does not have a
legal backing from the central bank. It is an unregulated digital private
currency created by an unidentified person who goes by the alias Satoshi Nakamoto
in 2008. Bitcoin is a digital asset and a payment system. It is commonly called
a decentralized digital currency.