Just last week bitcoin made headlines after an astronomical price increase of more than $4,000 in less than a week, and its stellar run continues as the world’s largest cryptocurrency continues to break barrier after barrier. As of 11:00 AM this morning, bitcoin reached a lifetime high of $15,000 according to Bitcoin Price Index. In less than 24 hours, bitcoin has appreciated by more than $3,000, making gains close to 20%, it is currently sitting at over $16,000 at the time of this article. Despite these numbers, many people are still wary of investing in Bitcoin because most financial experts are categorizing the cryptocurrency as a bubble that may pop any day.
Coinbase has been at the center of the frenzy due to the relative ease in which you can sign up and begin purchasing bitcoin. According to the New York Times, the number of accounts went up from 5.5 million to 13.3 million in 11 months, averaging 100,000 accounts a day at times – completely eclipsing E-Trade and Charles Schwab. Right now it seems as if bitcoin is increasing at such an exponential rate that the market and the vendors are having trouble keeping up. As the cryptocurrency becomes more and more popular, only time will tell how things will play out.