Bitcoin Soars Above $9,000, Hits New All Time High On Burst Of Asian Buying

Less than 24 hours ago, we noted that Bitcoin had broken above the recent resistance level around $8,300 and hit a fresh all time high of $8,650, observing that the world’s biggest cryptocurrency by market cap is now rising at a pace pace that has put the $10,000 price target by both Mike Novogratz (and Jose Canseco) firmly in its sights. It didn’t take long however for bitcoin to find a new round of eager buyers, and in early Asian trading, a burst of buying out of Korea’s Bithumb exchange, has sent bitcoin surging another several hundred dollars higher, and around midnight ET bitcoin had surpassed $9,000, sending its maret cap to $150 billion, making it more valuable than corporations like Siemens, Mastercard or McDonald’s. The sharp gains come as the combined market capitalization for all cryptocurrencies also peaks at new highs – currently standing at just shy of $300 billion.
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At this rate of appreciation, the crypto may hit the key psychological level of $10,000 in under a week. Needless to say, the long term chart is about as exponential as it gets, so as usual, buyer beware.

This post was published at Zero Hedge on Nov 26, 2017.