Bitcoin briefly reaches $3000 setting new record

It is traded nearly exclusively by the so-called "retail traders" but it is also, very surprisingly so, high up on the list for weekend trading - which the time of the week where nearly no trading takes place.

Well add to that list weekend trading interest.

The price of bitcoin recorded a new high, soaring to break through US$3,000 on Monday, buoyed by rising enthusiasm for the world's most popular cryptocurrency.

Bitcoincharts.com, citing Bitstamp data, is reporting a $2,960 all-time high set today. People choose to transfer money in the form of bitcoin as Western Union or MoneyGram seem to be slower and expensive, which is why the bitcoin exchange is always happening over there. The cryptocurrency has now more than tripled in value since trading at $968 on December 31, and has gained almost 30 percent in June alone.

If we take a look at predictions made just a few months ago, Saxo Bank Outrageous Predictions for 2017, which is a Forex industry annual tradition - has made a prediction that was triple the price at that time, which was thought to be outrageous.

But the magic happened way before the expected time, as according to the CoinDesk Bitcoin Price Index (BPI), the value of bitcoin has already surpassed $3000 within a month, taking the market by storm.

The price of the most talked-about cryptocurrency has grown more than 300 per cent this year, mostly spurred on by mainstream adoption in Asia. Saxo Bank analyst Kay Van-Petersen said in late-May he believes bitcoin could top $100,000 per coin by 2027. Bitcoin is trading at more than double the $1,400 price it was changing hands at at the beginning of May.

Bitcoin's wild ride is continuing on Monday.

  • Zachary Reyes