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Bitcoin Surges for Second Day in Row, Nearly Touches $15,000

December 7, 2017 at 12:50 by Yahia Barakah

Bitcoin continued surging for the second day in a row on Thursday to break through yet another psychologically important level with ease. The digital currency is now rapidly approaching the $15,000 mark as inventors’ demand soared ahead of the official launch of Bitcoin futures from multiple exchanges in the United States.

The price of Bitcoin started Wednesday below $12,000 before going through a major rally that pushed the price all the way to about $14,700 today. The spree of gains, which is baffling experts who believe the valuation of Bitcoin has formed a bubble that should have popped a while ago, appears to be driven by rising demand in South Korea. A recent buying frenzy in the Asian nation saw speculators stocking up on the digital currency ahead of the launch of Bitcoin futures in the United States.

Bitcoin’s two-day run increased the value of the virtual currency more than $3,000 per token, an increase that investors used to believe would normally take place over months or at least weeks. The run even outperformed Bitcoin’s rapid jump from $10,000 to $11,000 in less than 12 hours on November 29. The cryptocurrency gained more than 1,370% since the current year started.

Soaring demand for Bitcoin in South Korea came as the nation maintained its ban on Initial Coin Offerings, which forced investors to shift their focus to major cryptocurrencies. This has reflected most on the price of Bitcoin on several South Korean exchanges, which has reached more than $17,000 on exchanges like Bithumb.

The total value of digital assets, which include Bitcoin, Ethereum, Bitcoin Cash, and other cryptocurrencies, is now less than $10 billion away from $400 billion, from a little over $17 billion when 2017 began. Bitcoin accounts for about 60.5% of the digital currency market.

However, Bitcoin’s rapid climb made many investors unable to shake off the feeling that a sharp drop is imminent. Some experts believe that the gains are not sustainable, which they say should lead to a price correction in the near future.

BTC/USD traded at 14,599.5 on the Bitstamp exchange as of 12:35 GMT on Thursday after rising to 14,849.4 at 10:55 GMT, the pair’s highest level in history. BTC/USD began trading today at 13,714.2.

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