Bitcoin, the largest cryptocurrency with a market cap above $150 billion, was gunning for $10,000 Sunday. It reached an all-time high of $9,694 Sunday evening.
The market for digital coins went passed the $300 billion mark on Sunday night for the first time ever as two of the largest cryptocurrencies eyed significant milestones.
Ethereum reached an all-time high of $485 Sunday evening, shy of the much-anticipated $500 mark.
Big milestones for the cryptocurrency market appear to be occurring at a faster rate. It took from June to November for the market to go from $100 billion to $200 billion. It took less than a month for the market to balloon from $200 billion to $300 billion.
This is despite the tightening of regulation and the pausing of a potential split have failed to dent the stellar performance of bitcoin over the past several months.
A $30m hack of a bitcoin exchange last week briefly sent the digital currency plunging, but it soon recovered. Similar wobbles were seen after China banned initial coin offerings and after a proposed bitcoin fork failed to materialise without full support from the bitcoin community.
The number of accounts at Coinbase, one of the largest platforms for trading bitcoin and rival Ethereum, has almost tripled to 13 million in the past year.
Bitcoin is expected to experience more volatility as other spin-offs are in the process of being launched such as Bitcoin Diamond.
As the market starts to accept Bitcoin the cryptocurrency will keep rising. CME Group Inc. has said it plans to start offering futures contracts for bitcoin, which could begin trading in December 2017. Naturally, this will push the currency into new territory.
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