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Bitcoin hits new record high of $9,687, up almost 20% since Friday

$10k is on the cards and bitcoin seems to be straining at the leash to reach it : Analyst

Reuters  |  London 

Photo: Shutterstock

Bitcoin's vertiginous ascent showed no signs of stopping on Monday, with the soaring to another record high just a few percent away from $10,after gaining more than a fifth in value over the past three days alone.

The has seen an eye-watering tenfold increase in its value since the start of the year, and has more than doubled in value since the beginning of October.

It surged 4.5 per cent on the day on Monday to trade at $9,687 on the Luxembourg-based Bitstamp exchange.

Bitcoin's price has been helped in recent months by the announcement that the world's biggest derivatives exchange operator would start offering futures. The company said last week the futures would launch by the end of the year though no precise date had been set.

"$10k is on the cards and seems to be straining at the leash to reach it," said Charles Hayter, founder of data anaylsis website Cryptocompare.

"Promises of futures opening the door to institutional money are supercharging the price."

First Published: Mon, November 27 2017. 15:47 IST