Less than a week after breaking $8,000 bitcoin now over $9,000

Posted Nov 26, 2017 by Ken Hanly
So far this year the price of bitcoin has risen more than 800 percent. In spite of many analysts predicting the rise is a bubble that will burst the price has been rising quickly of late.
Bitcoin has enjoyed a stratospheric rise this year  approaching $10 000 from a 2017 low of $752 seen...
Bitcoin has enjoyed a stratospheric rise this year, approaching $10,000 from a 2017 low of $752 seen in January
Pixabay / Pexels
Over one thousand dollar rise in less than a week
Just six days ago, bitcoin broke through the $8,000 level as discussed in a recent Digital Journal article. Later bitcoin hit new highs as did ethereum described in a later Digital Journal article.
Today bitcoin went as high as $9,518 before dropping back.
The total market cap of cryptocurrencies is now more than $290 billion according to Coinmarketcap. Bitcoin's capitalization alone has now reached almost $151 billion.
Coindesk report
Coin desk reports a bit lower highs for the peak but still over $9,000. Coindesk figures are an average of several exchanges. This explains the difference from the report above which is from Bloomberg.
The peak of $9,043.21 was reached this morning. When the article went to press it had dropped back marginally below $9,000 to $8,970. The price was up 2.43 percent for the session.
CoinMarketCap indicates that bitcoin's price rose 6.16 percent in 24 hours. Over the last 7 days its price rose 16.27 percent.
Present Price
As I write this on Sunday afternoon the price of bitcoin in U.S. dollars is now even past the earlier highs at $9,319.82, a rise of 6.34 percent on the day according to coindesk. This shows the extreme volatility of the price. You can check this link to find the price as you read this.
The most recent trade on the Canadian exchange Quadriga was $11,900 in Canadian dollars, about $9,366 U.S.
The rise may in part be due to mainstream investors showing more interest in cryptocurrencies including bitcoin. CME Group Inc. has announced that it would begin trading in bitcoin futures contracts in December.