Bitcoin Climbs To $12000 For First Time

NATION-NOW     Bitcoin breaks above $12,000 for the first time     
       Bitcoin breaks above $12,000 for the first time

Pankaj Jain, a New York-based bitcoin investor, advised small investors not to invest more than 1 to 3 percent of their net worth in cryptocurrencies, adding that high-net worth investors should refrain from investing more than 5 to 10 percent, said the report.

As reported by CoinMarketCap and Coindesk, bitcoin has risen with 9.63% in the last 24 hours, and over 19% this past week.

As of this writing, Bitcoin is now trading at $13,128, a gain of over 13% in less than 24 hours. "Unlike transactions at the Bombay Stock exchange, you are talking about relatively low volumes of transaction in this space, which means digital currencies are prone to wild swings as there is not much liquidity", says Jain.

In late November, as bitcoin brushed passed $10,000, one expert told IBTimes UK the rise was bolstered by news from United States derivatives operator CME Group that it was planning to launch Bitcoin futures contracts later this year - giving investors a safer way to short the currency.

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The extreme uprise has pushed the market cap of bitcoin to almost $219 billion, according to industry website CoinMarketCap. 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. It is claimed that bitcoin uses more power than 159 countries including Nigeria and Ireland. This latest price surge comes at a watershed moment in Bitcoin's history, as it is seeing a marked increase in both interest and acceptance, especially in the financial sector. 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. While this is possible, the derivatives can also be used to make profit as an asset loses value.

Bitcoin has enjoyed a stunning rise this year, drawing increasing attention from mainstream investors. However, if bitcoin continues on up for some time, they can lose their shirt.

Bitcoin, like rival currencies Litecoin and Ethereum, is decentralised online money built upon distributed ledger technology (DLT), known as the Blockchain.

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