Bitcoin Breaks More Records And Hits New All-Time High 

Cryptocurrency smashes $6,060 mark for the first time.

At the time of writing, the price of Bitcoin managed to hit a new all-time high for the third time in almost as many days, surpassing the coveted $6,000 mark and peaking at a global average of $6,609. 

The snapshot record average high was based on the average price of Bitcoin across the globe with data taken from US, Japan, South Korea, Hong Kong, and European exchanges. Bitcoin’s previous record came around nine days previously, when it cleared $6,060.

The virtual currency peaked at $6,649.33 (on November 1^st) according to the Bloomberg news agency. The total value of Bitcoin is now estimated at just under $110 billion. 

Some investors and industry insiders predict that Bitcoin will break $20,000 in the near future.

800% growth

Some may remember that it was only in September that Bitcoin crossed the $5,000 threshold for the first time.

The latest surge in bitcoin, which has now risen in value by an incredible 800% in the last 12 months seems to have been driven by the news on Tuesday that the CME Group, the world’s largest derivative exchange operator, intends to launch bitcoin futures trading in the fourth quarter of the year.  

Attracting investors

The announcement was seen as a major step in the digital currency’s path toward legitimacy and mainstream financial adoption.

According to CNBC, the introduction of such a product “could bring more institutional investors into the market. It’s believed that this is helping to boost the price. “We’ve been working with the regulator. They understand our application. And they understand our model very, very well,” Terry Duffy, CME Group chairman told CNBC.”

The surge in the price of Bitcoin no means that the aggregate value of all cryptocurrencies unsurprisingly hit a new record price as well of $184 billion on Wednesday.  

According to industry website Coinmarketcap, that puts its value at around the same reported value of financial giants of Goldman Sachs and Morgan Stanley combined.

As recently as January this year, Bitcoin was valued at less than $1,000 a coin.