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Bitcoin and Ethereum reach new highs, laugh at your puny savings accounts

Image: Shutterstock / Slavko Sereda

These days, there’s just no stopping Bitcoin. 

Just one day after crossing the important psychological barrier of $10,000 per bitcoin, the price rose another 10 percent. Bitcoin was currently trading at $11,153 as of Wednesday morning, according to CoinMarketCap

The cryptocurrency’s price growth appears to be fueled by the media buzz, bold predictions about future price (investor Mike Novogratz said on Tuesday that Bitcoin might easily be worth $40,000 by the end of 2018), and the promise of institutional investors joining the game. 

And while the price might seem exorbitantly high to some, the public is flocking to buy bitcoins at an unprecedented rate. Coinbase, one of the largest Bitcoin exchanges out there, added 100,000 accounts in one day, right after the world’s largest futures exchange, CME, said it would launch futures for Bitcoin later in 2017. 

All in all, Bitcoin rose roughly 1,100 percent from the beginning of the year, when it was trading at around $1,000. The Dow Jones Industrial Average, the widely followed stock index, is comparatively up 21 percent in that time.

Bitcoin’s price rise also affected other major cryptocurrencies, which are mostly in the green today. The second-largest cryptocurrency by market cap, Ethereum, has grown 6.9 percent and currently trades at $504. 

The market cap of Bitcoin is currently at $186 billion, while Ethereum is at $48 billion. All cryptocurrencies together are also at an all-time high of $337 billion. 

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