BITCOIN hit a new high today after breaking through the $10,000 threshold. But why is the price of bitcoin rising so high?Express. Home of the Daily and Sunday Express.express_logo_christmas
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Why is the price of bitcoin rising so high? BTC breaks through $10,000 to hit new record
BITCOIN hit a new high today after breaking through the $10,000 threshold. But why is the price of bitcoin rising so high?
By SEBASTIAN KETTLEY
PUBLISHED: 13:57, Tue, Nov 28, 2017 | UPDATED: 14:19, Tue, Nov 28, 2017
12
Expert explains theories behind Bitcoin surge
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Bitcoin prices reaches reached £7,529.77 ($10,009) on the CEX trading platform earlier today, before slightly dipping in value.
Since the start of the year, the cryptocurrency has achieved the incredible feat of increasing more than 1,000 per cent in value.
But despite the incredible growth, economists are still apprehensive of the token’s inherent volatility and signs it could be a price bubble.
Just two weeks ago, bitcoin investors took a hit when the token’s prices plummeted over 20 per cent before bouncing back.
And yet Bob Doll, chief equity strategist at Nuveen Asset Management, agrees that bitcoin’s rise has been nothing short of “amazing”.
He told CNBC’s Worldwide Exchange: “'With bitcoin, why do you need the stock market?' has been the saying of late.
“I confess it's an area that to me feels speculative, but you might call me old or old-fashioned. It's been an amazing run, has it not?”
Bitcoin’s surging popularity, demand and growing awareness of the crypto market has all contributed to its unprecedented rise.
The token is a store of value used to exchange for goods and services. Bitcoin is not regulated nor is it a legal tender – but it is popular and in high demand which drives prices.