The value of digital currency Bitcoin has jumped nearly nine times in value this year amid increased interest from institutional investors.
Bitcoin surpassed a new threshold of $9,000 at 6:49 am GMT on Sunday, with the surge occurring less than a day after the cryptocurrency hit its previous all-time high of $8,500.
According to the analysts, the surge was stipulated by increased investor interest around the US Thanksgiving holiday and Black Friday shopping.
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Bitcoin started the year just above $1,000 and has increased in value by 900 percent. The cryptocurrency’s market capitalization has reached $151 billion, making it more valuable than corporations like Siemens, MasterCard, British American Tobacco or McDonald’s.
Bitcoin is the first international decentralized digital currency. The system works without a single administrator or central repository, while transactions between people are made directly without an intermediary.
The currency was released as open-source software in 2009 by an unknown person or group under the name of Satoshi Nakamoto.