Report: Bitcoin Skyrockets Above $7,000 For First Time Ever

November 2, 2017 12:53 pm Published by

Cryptocurrency bitcoin soared above the $7,000 mark for the first time ever Thursday, attaining a more than sevenfold increase in its value since the start of the year, Reuters reported.

In recent months – as well as the past seven weeks – the cryptocurrency has more than doubled in value, the report said.

On Thursday, bitcoin hit an all-time high of $7,066.44 on the Luxembourg-based Bitstamp exchange, the report said.

The surge has been driven by news earlier this week the world’s largest derivatives exchange operator CME Group is about to launch bitcoin futures, Reuters reported.

With the record high price, the report said, bitcoin’s aggregate value, or “market cap” – its price multiplied by the number of bitcoins released into circulation – rises to more than $117 billion, according to industry website Coinmarketcap.

The aggregate value of all cryptocurrencies is now at a record high of more than $190 billion, the website said.

WN.com, Jack Durschlag



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