Bitcoin Surges to New Record High of $8200

Bitcoin Surges to New Record High of $8200

Bitcoin Surges to New Record High of $8200

Bitcoin hit a new record high on Monday after smashing through the $8,000 (£6,043.6) level for the first time over the weekend, marking an nearly 50 percent climb in just eight days. The aim was to increase the transaction speeds of bitcoin, which has increasingly slowed down over the years.

Bitcoin's price is skyrocketing again, trading in all exchanges for above $8,000, even hitting $8,200 on November, 20th, 2017. Earlier this month, the digital currency price fell to $5,500 after developers scrapped the SegWit2X update, leading some miners and investors to shift to offshoot bitcoin cash. Goldman Sachs and Citigroup have said they are researching cryptocurrencies and the blockchain technology that underlies them and may add them to their portfolio.

Bitcoin started the year just above $1,000, and the overall growth now is approaching 850 percent.

Other cryptocurrencies among the top-10 group by market capitalization have seen gains in the past day, including ether, which hit an 11-week high this morning on reports of a new regulated derivatives product built around the cryptocurrency. That makes bitcoin more valuable than major corporations like Siemens, Mastercard, British American Tobacco or McDonald's.

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