Tech & Science Bitcoin blasts past $10,000 mark amid bubble concerns

11:20  29 november  2017
11:20  29 november  2017 Source:   CNET

Crypto Bull Tom Lee Doubles Bitcoin Price Target to $11,500

  Crypto Bull Tom Lee Doubles Bitcoin Price Target to $11,500 The bitcoin bulls are charging. A day after hedge fund manager Mike Novogratz said the cryptocurrency will end the year at $10,000, Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 -- a 40 percent gain from current levels.Lee, who heads research at Fundstrat, said a 10 percent pullback earlier this month triggered by the controversial cancellation of an upgrade to bitcoin’s underlying software has set the stage for the coming surge.The November slump “cleaned up weak hands,” Lee wrote Wednesday in a note to clients that almost doubled his last forecast.

The cryptocurrency's value has risen nine-fold since the beginning of the year.

The bitcoin bulls are running. Bitcoin 's value has been skyrocketing of late, and on Tuesday it broke the $ 10 , 000 -per-coin mark for the first time, just two days after passing ,000. Bitcoin Blasts to Record 000 as Bubble Warnings Multiply 29 November 2017 04:31.

Bitcoin's value has skyrocketed nine-fold since beginning of 2017.© Provided by CNET Bitcoin's value has skyrocketed nine-fold since beginning of 2017. The bitcoin bulls are running.

Bitcoin's value has been skyrocketing of late, and on Tuesday it broke the $10,000-per-coin mark for the first time, just two days after passing $9,000. The cryptocurrency was trading at $10,034 as of this writing, an increase of more than 900 percent since the beginning of the year.

Tuesday's trading price gives bitcoin a market capitalization of $168 billion, greater than the vast majority of S&P 500 companies, including Dow 30 components Boeing, Disney and GE.

Since its founding in 2009, bitcoin has made a name for itself by allowing for anonymous transactions. The digital currency is now accepted by more than 100,000 merchants worldwide, including Microsoft, Dish and Subway.

Bitcoin Blows Past $12,000

  Bitcoin Blows Past $12,000 Photo. Getty Images The Bitcoin bubble continues to stretch to even more grotesque proportion s, clearing a value of at least $12,007 per bitcoin and attaining a market cap of $200 billion on Sunday, TechCrunch reported. The strong gains more or less put Bitcoin on a path to clear a value of $13,132 by the end of calendar year 2017, and potentially even more.While doomsayers have been predicting a massive crash in the cryptocurrency market for years, Bitcoin has largely continued its trend of explosive growth - for now.

Bitcoin pushed past the 10 , 000 US dollars mark for the first time on Tuesday, further stoking fears of a price bubble around the cryptocurrency.

Bitcoin pushed past the 10 , 000 US dollars mark for the first time on Tuesday, further stoking fears of a price bubble around the cryptocurrency. The price of Bitcoin was hovering around 10,035 dollars (£7,541 ) on cryptocurrency exchange CEX in morning trading, having reached 5

The cryptocurrency has experienced a massive run in 2017. On Jan. 1 this year, bitcoin was priced at just under $1,000. Still, the cryptocurrency's lack of government backing and regulation has led to volatility, and the milestone comes amid growing concern bitcoin is on the edge of a bubble.

"This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes," hedge fund manager Mike Novogratz told Bloomberg at a cryptocurrency conference Tuesday in New York.

Novogratz predicted last week that the cryptocurrency would end the year at $10,000, according to Bloomberg, while Fundstrat's Thomas Lee doubled his price target to $11,500 by the middle of 2018.

Bitcoin exchange NiceHash robbed of $64 million from its wallet .
As the value of Bitcoin soars, it also turns holders of large volumes of the currency into prime targets for thieves. For those keeping score, that’s about 4,700 BTC, each worth about $13,617 at the time of the breach.

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