Bitcoin reached a record high of $8,241 on Monday, according to data from industry website Coindesk.
The cryptocurrency has risen in value by 2.6% since the open of trade on Monday, capping a remarkable eight days of growth.
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Since November 12, when Bitcoin was valued at $5,857, the volatile currency has increased in value by 37%.
Bitcoin has enjoyed a meteoric albeit volatile rise this year: at the beginning of 2017, a unit of the cryptocurrency was valued at $998.
Other cryptocurrencies have surged in value, too. According to industry website Coinmarketcap, the market capitalization of all cryptocurrencies also hit an all-time high on Monday, of $242.9 billion.
As Bitcoin sails past $8200 I’m sticking with my (now conservative) prediction of $10000 on Dec 24th and will add I predict it will hit $9500 around 10th Dec then maybe struggle for a couple of weeks. #btcusd
— BTCpx (@BTCpx) 20 ноября 2017 г.
its a good day! the price of BTC is 8200 will it hit 10,000 by 2018?
— Bitcoin💲 (@X_Bitcoin_X) 20 ноября 2017 г.
Some market observers have expressed concern that the meteoric rise in Bitcoin's value is a symptom of a bubble in the cryptocurrency market. Others are speculating on how far the cryptocurrency surge will go.
#Cryptocurrency is about more than just making money. Its goal is the eventual liberation of humanity from economic enslavement and the systemic corruption of the establishment. Sure you can make money with it buy keep your eye on the bigger picture: Ending Corruption #Bitcoin pic.twitter.com/LYVkISKr5m
— Bitcoin Lucifer (@Bitcoin_Lucifer) 20 ноября 2017 г.
