Bitcoin soared over $12,000 a coin in a bullish night of trading Tuesday.
As the exchange price has surged, the valuation of all the circulating bitcoins, or as it is called, the market cap of bitcoin reached Dollars 198 billion (Rs 12.75 lakh crore) on December 3.
Bitcoin has surpassed the RM48,900 mark today as it gears up to take its place on mainstream markets.
Elsewhere in cryptocurrency trading, was last at $1,401.30, while was at $262.38. Value of the currency has increased by over 1,000 percent over the past year, however, there are warnings of it becoming a bubble. Just one year ago one bitcoin was worth $764. The cryptocurrency has risen 10.2% in the past 24 hours and its total market cap now stands at almost $218 billion. Concerns about bitcoin mining's huge energy consumption There are growing concerns, especially among some environmentalists, of the huge energy consumption of bitcoin mining. It is claimed that bitcoin uses more power than 159 countries including Nigeria and Ireland.
Yet many elements of the financial world have embraced the new crypto asset class: Major exchanges like the CME and CBOE have helped legitimize the currency's investment credentials by saying they plan to introduce futures contracts to their respective exchanges. Many argue that this is partly responsible for the recent surge in the price of bitcoin.
Bitcoin is notching new heights every couple of days.
As expected, the bitcoin prices have just broken through the $12,000 region as of this writing and continue to move higher through towards the $12,200. Such is the speed and the volatility that this appears to be a real possibility at this point of time.