Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics
- This year’s 10-fold increase adds to 120% gain in 2016
- Institutional investors seen entering: Gatecoin’s Glucksmann
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Bitcoin blew past $9,700 just a week after topping $8,000 and approached its closest ever to five figures, gaining mainstream market attention as it defies bubble warnings.
The biggest price jump since August consolidated during Japanese trading hours and vaulted the largest cryptocurrency’s value in circulation above the market caps of all but about 30 of the S&P 500 index members. The increase also buoyed its 10-day volatility to more than 15 times the level of the euro-dollar, the most traded currency pair.