Bitcoin hits yet another record at $2,752

Soaring demand for the cryptocurrency has pushed it up by 45 percent since last Thursday and more than 180 percent for the year so far. A Bitcoin is now more than double the price of gold.

Photo by: Reuters
Photo by: Reuters

The demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.

Digital currency, Bitcoin, continues to hit new records in the wake of soaring demand for what is now being recognised by many as an electronic asset.

On Thursday it traded around $2,752, according to CoinDesk data, an all-time high which is more than double the price of gold.

The current rally has pushed the electronic currency up by 45 percent since last Thursday and more than 180 percent for the year so far.

The demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.

Blockchain, the underlying technology behind Bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator.

A key reason for Bitcoin's dominance in the nefarious online underworld, say technologists and cyber crime experts, is its size.

The total value of all Bitcoins in circulation is more than twice that of the nearest of hundreds of rivals.

Also, a big part of Bitcoin's recent surge is the increase in demand for other digital currencies being sold in so-called "initial coin offerings", or ICOs.

Under ICOs, blockchain start-ups sell their tokens directly to the public to raise capital without any regulatory oversight.

Strong demand for Bitcoins in Japan has also fuelled the rise of the virtual currency that can be moved like money around the world quickly and anonymously without the need for a central authority.

Source: 
TRTWorld and agencies