The cryptocurrency Bitcoin has passed the $10,000 mark for the first time, as it continues a stratospheric rise that increased its value to more than tenfold in 2017.
Bitcoin was $1,000 in January 2017, and $5,000 in September.
Analysts said that the popularity has been driven by growing interest from major investors and a decision by giant companies in recent months. Some have bought Bitcoin as an alternative bet in times of global economic uncertainty.
The price has also been pushed up by many new buyers from around the world who think that Bitcoin could compete with gold as a place to store money outside the control of companies and governments.
Launched in 2009 by someone called Satoshi Nakamoto. Since then, the cryptocurrency has had a roller-coaster ride.
Bitcoin has no legal exchange rate. As a decentralized currency, is has no banks backing it. Bitcoin is monitored and regulated by its community of users.
For that reason, it has attracted widespread criticisms, especially from industry leaders and governments. They all point to its volatility, an apparent vulnerability to theft and its use for illicit online purchases.
This surge of the volatile unit has also fueled people's fear of a bubble. Experts warned over the expanding bubble which could burst at any time
However, each time the skeptics have come forward, investors have defied them. They bought more Bitcoins at even higher prices. One day before Bitcoin hitting its $10,000 milestone, more than $5 billion was traded on Bitcoin exchanges, according to Coinmarketcap.com.
This is greater volume than what many American stock exchanges see on a normal day.