Finance

Bitcoin Hits Fresh Record, $13000 in Sight

Bitcoin Hits Fresh Record, $13000 in Sight

Bitcoin, which has risen more than 1,000 per cent this year, was up 6.12 per cent at $12,411.71 at the time of writing, according to Coindesk's aggregate index. For the year, bitcoin is up around 1,000%, having started 2017 at $968.23 and is the biggest gainer of all asset classes this year.

Bitcoin was gunning for $13,000 a coin Wednesday morning after breaking through a fresh milestone late Tuesday.

In today's trading, the Bitcoin price stood at $13,033.50, as of 12:46 GMT.

John Spallanzani, chief macro strategist at CFI Group, told Business Insider trading activity in Asia was the catalyst for the impressive tear. Though the usage of bitcoins and their acceptance continues to grow and draw in large crowds of traders, we can safely say that the recent pushes higher in the price have been purely due to speculation rather than anything else. We also have reports that say that some of the exchanges in Japan are also looking into launching futures trading quite soon.

"What's interesting about bitcoin futures is that you'll have the ability to take both sides of bitcoin-it's a two-sided market, you can go long or you can go short", Hagen said.

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Prices have rallied ahead of the start of bitcoin futures trading, a potentially major step in the evolution of the digital currency as it moves from the periphery of finance towards the mainstream.

Futures could help dampen the coin's spine-tingling price swings, according to Craig Pirrong, a business professor at the University of Houston.

Bitcoin's price has risen dramatically in 2017.

As for how much room bitcoin has to run, some clients of investment bank Goldman Sachs appear bullish.

Bitcoin's ecosystem, as far as government institutions are concerned, has become a bit of a nuisance when it comes to the legality of things its holders do with the cryptocurrency.