The virtual currency rocketed above $9,000 for the first time on Sunday and was trading above $9,500 by Monday morning in Asia.
Stock markets around the world have been on a tear this year, but their gains are paltry compared with bitcoin's. The digital currency, which only rose above $8,000 about a week ago, has surged an incredible 860% since the start of the year.
Despite skepticism from some top finance executives about bitcoin's rise, experts say the latest gains appear to have been fueled by expectations that big professional investors -- such as hedge funds and asset managers -- could soon pour money into the currency.
Even a small portion of the cash managed by major funds "would make a dramatic impact on the bitcoin market," said Thomas Glucksmann, head of marketing at Hong Kong bitcoin exchange Gatecoin.
Related: What is bitcoin?
The cryptocurrency has been gaining more legitimacy in some parts of the financial industry.
From early next month, investors should be able to trade bitcoin futures via the Chicago Mercantile Exchange, which is likely to help bolster the currency's reputation among mainstream investors. Futures allow traders to bet on the future price of assets like currencies, metals and agricultural commodities.
The backing of a major exchange is encouraging institutional investors "to dip their toes into the bitcoin market," Glucksmann said. He expects more professional investors to put money into it if it breaches $10,000.
Related: Can anything stop bitcoin?
The virtual currency has famously attracted the derision of JPMorgan Chase (JPM) CEO Jamie Dimon, who called it a "fraud" that would "eventually blow up." But other leading figures in finance, including Goldman Sachs (GS) CEO Lloyd Blankfein have defended it.
Shane Chanel, an adviser at investment firm ASR Wealth Advisers, predicts bitcoin will hit $12,000 within the next six months.
"Greed will continue to drive the price over the short term," he said. But he warned that any setbacks in the introduction of bitcoin futures over the next few weeks could prompt a "dramatic short-term tumble."
Bitcoin's path toward $9,500 hasn't been smooth. It's suffered periods of major volatility along the way.
Related: Bitcoin splits in two, here's what that means
In September, it plunged as much as 20% after the Chinese government cracked down on offerings in the digital currency, prompting bitcoin exchanges to close their doors.
Earlier this month, it plummeted by up to 30% within the space of a few days, before quickly bouncing back, after it appeared traders were switching to rival cryptocurrencies.
Cryptocurrencies are virtual "coins" that are "mined" by computers completing complex algorithms. Bitcoin is the most famous and widely used one.
CNNMoney (Hong Kong) First published November 27, 2017: 1:01 AM ET
Go here to read the rest:
Bitcoin's incredible surge takes it above $9,500 - Nov. 27 ...
- Stocks, Safe Havens and Hodlers 5 Things to Eye in Bitcoin This Week - Cointelegraph - June 2nd, 2020
- The Bitcoin Trade Is Developing Well - RealMoney - TheStreet - June 2nd, 2020
- Bitcoin price could be on the cusp of major bullish breakout - IG Bank - June 2nd, 2020
- Bitcoin Rises Above $10K for First Time in 25 Days as Protests Roil US Cities - CoinDesk - CoinDesk - June 2nd, 2020
- JPMorganBitcoins Biggest EnemySuddenly Appears To Be Going All In On Crypto - Forbes - June 2nd, 2020
- Bitcoin Price Surges Above $10,000 Amid Unrest, Riots In USWill It Hold? - Forbes - June 2nd, 2020
- Bitcoin Rising, Satoshi Discoveries, & Google Enters the Race: Bad Crypto News of the Week - Cointelegraph - June 2nd, 2020
- The Last Time This Happened, Bitcoin Surged From $3,150 to $14,000 - Cointelegraph - June 2nd, 2020
- Bitcoins $100K Probability Speculation or Economic Theory Backed? - Finance Magnates - June 2nd, 2020
- On the 'Bitcoin Fixes This' Meme - CoinDesk - CoinDesk - June 2nd, 2020
- Reddcoin (RDD) Nears PoSV v2 Activation, Clearing Way for Explosive Developments | Press release - Bitcoin News - June 2nd, 2020
- With Riots Erupting in US Cities, Using Tools of Peaceful Protest Can be More Meaningful - Bitcoin News - June 2nd, 2020
- The Many Facts Pointing to Adam Back Being Satoshi | Featured Bitcoin News - Bitcoin News - June 2nd, 2020
- $9M and Over 4,500 Fusions - Bitcoin Cash Supporters Anticipate the Cashfusion Audit | Technology Bitcoin News - Bitcoin News - June 2nd, 2020
- South Korea to Start Taxing Bitcoin Profits in 2021 | Taxes Bitcoin News - Bitcoin News - June 2nd, 2020
- Spiritual Reflections on the Bitcoin Halving - CoinDesk - CoinDesk - May 24th, 2020
- Covid-19 Economy Fuels Faith in Crypto: Trust In Bitcoin Over Banks Increased 3X Since 2017 - Bitcoin News - May 24th, 2020
- 8 Reasons Why This Could Be the Time to Take Bitcoin Seriously - Entrepreneur - May 23rd, 2020
- Market Wrap: Traders 'Buy the Dip' as Bitcoin Hovers at $9,000 - CoinDesk - CoinDesk - May 23rd, 2020
- RenBTC Quietly Goes Live in Latest Bid to Bring Bitcoin Into Ethereum - CoinDesk - CoinDesk - May 23rd, 2020
- Bitcoin Could Be More Resilient to Global Electric Failure Than Banks - Cointelegraph - May 23rd, 2020
- The Shadow of Satoshi's Ghost: Why Bitcoin Mythology Matters - CoinDesk - CoinDesk - May 23rd, 2020
- How This Billionaire-Backed Crypto Startup Gets Paid To Not Mine Bitcoin - Forbes - May 23rd, 2020
- As Bitcoin Halving Dust Settles, Network Awakens to Costly New Reality - Cointelegraph - May 23rd, 2020
- 'No need' to invest in bitcoin or gold during the pandemic, says wealth manager - CNBC - May 23rd, 2020
- Goldman Sachs Is Hosting A Client Call About Bitcoin, Gold and Inflation - Forbes - May 23rd, 2020
- This Bitcoin Documentary From Africa Is Streaming on Amazon Prime - CoinDesk - CoinDesk - May 23rd, 2020
- Monster 369MB Block Processed on Bitcoin SV - Cointelegraph - May 23rd, 2020
- Team Behind Bitcoin-Backed Ethereum Token tBTC Explains Shutdown - CoinDesk - CoinDesk - May 23rd, 2020
- Bitcoin Block Generation Speed Falls to 2017 Lows - Cointelegraph - May 23rd, 2020
- You can now bet on Bitcoin or Ethereum with this new priceless token - Decrypt - May 23rd, 2020
- Exposure to -1x the Daily Performance: Bitcoin.com Exchange Adds Inverse Token BTCSHORT | Promoted - Bitcoin News - May 23rd, 2020
- This Metric Shows Bitcoin Is Undervalued Even After 150% Price Rally - CoinDesk - CoinDesk - May 19th, 2020
- The Fed Is Bitcoins Best Friend - Forbes - May 19th, 2020
- Here's when Bitcoin will actually reach 99.99% uptime - Decrypt - May 19th, 2020
- Bug Forces Shutdown of Bitcoin-Backed Ethereum Token tBTC - CoinDesk - CoinDesk - May 19th, 2020
- Citi's Tony McLaughlin on CBDCs, Libra and bitcoin - Finextra - May 19th, 2020
- From Buenos Aires to Beirut - Covid-19 Excuse Restricts Millions of Citizens from Withdrawing Their Own Money | Economics - Bitcoin News - May 19th, 2020
- Bitcoin.com's Mining Video Censored: The Tale of Youtube's Blatant Censorship and Propaganda - Bitcoin News - May 19th, 2020
- Bitcoin Product Demos During the Halving - Bitcoin Magazine - May 19th, 2020
- J.K. Rowling Made the Grave Mistake of Asking the Internet to Explain Bitcoin - InsideHook - May 19th, 2020
- ISIS's $300 million war chest is hidden in Bitcoin, says think tank - Decrypt - May 19th, 2020
- S2F Hopium: Report and Twitter Critics Find Flaws With Bitcoin's Stock-to-Flow Ratio - Bitcoin News - May 18th, 2020
- 45 Older-Generation Bitcoin Miners Are Unprofitable After the Reward Halving - Bitcoin News - May 18th, 2020
- Bitcoin to Paint 2 Bullish Golden Crosses This Week, as it Eyes $10.5K Close - Bitcoinist - May 18th, 2020
- Fund manager: Past 6 weeks have been one of Bitcoins most bullish periods ever - CryptoSlate - May 18th, 2020
- P2P Bitcoin Trade Volumes and Inflation in Latin America Are on the Rise - Bitcoin News - May 16th, 2020
- Market Wrap: Bitcoin Dips as Stock Markets Close Lower on the Week - CoinDesk - CoinDesk - May 16th, 2020
- Bitcoin Bears Say These 5 Metrics Will Stop BTC From Reclaiming $10K - Cointelegraph - May 16th, 2020
- First Mover: Bitcoins Hot Again and Crypto Miners Are Hoarding Or Are They? - CoinDesk - CoinDesk - May 16th, 2020
- How Investors Are Presented With Bitcoin: 'A New Decentralized Monetary Asset, Akin to Gold' - Bitcoin News - May 16th, 2020
- Australian Woman Charged With Unlawfully Exchanging Over $3M in Crypto - CoinDesk - CoinDesk - May 16th, 2020
- Heres how Bitcoin sentiment changed over the halving - Decrypt - May 16th, 2020
- CEO at Real Vision Raoul Pal Bets on Bitcoin Up 100x in Next Five Years - Cointelegraph - May 14th, 2020
- Bitcoin Is Suddenly Back On The Move - Forbes - May 14th, 2020
- Understanding the Growing Trend of Bitcoin Currency Exchange - The Duke Perspective - Duke Today - May 14th, 2020
- Man behind $2 million in Bitcoin hacks arrested in Ireland - Micky News - May 14th, 2020
- Craig Wright Threatened to Crash The Bitcoin Price So What Happened? - Cointelegraph - May 12th, 2020
- Bitcoin Has HalvedWhat Now? - Forbes - May 12th, 2020
- Bitcoin poised to shine as governments print more money: report - Decrypt - May 12th, 2020
- Bitcoin Crashes as Halving Hype Loses Impetus Over the Weekend - Bloomberg - May 12th, 2020
- Bitcoin Mining is a Silly and Confusing Term - Anchorage Press - May 12th, 2020
- The CoinDesk 50: Bitmain, the Behemoth of Bitcoin Mining - CoinDesk - May 12th, 2020
- Bitcoin Is Staging a Comeback Reminiscent of 2017 Bubble Frenzy - Bloomberg - May 12th, 2020
- Craig Wright: Bitcoin truth versus the 'turd that is fake news' - CoinGeek - May 12th, 2020
- Bitcoin investors are bracing for a key technical event here's what you need to know - CNBC - May 11th, 2020
- Traders Say Binance Cut Their Bitcoin Shorts: Here's Why It Happened - Cointelegraph - May 11th, 2020
- Bitcoin: Will 'halving' fuel another monster rally? - The Australian Financial Review - May 11th, 2020
- RPT-UPDATE 1-Coronavirus sows doubt over bitcoin's rally after third 'halving' - Reuters - May 11th, 2020
- Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum - CoinDesk - May 11th, 2020
- There's more Bitcoin on Ethereum than in the Lightning Network - Decrypt - May 11th, 2020
- Erik Voorhees: Bitcoin will replace the Feds 'pre-mined' dollar - Decrypt - May 11th, 2020
- Review Cryptopia: Bitcoin, Blockchains and the Future of the Internet - Cointelegraph - May 11th, 2020
- Bitcoin could hit above $100000 by August 2021 - Nairametrics - May 11th, 2020
- Bitcoin price action causes an increase in spread on low-tier exchanges - AMBCrypto - May 11th, 2020
- Cryptocurrency market jumps by over $13 billion driven by bitcoin as major technical event approaches - CNBC - May 9th, 2020
- Bitcoin 101: What is Bitcoin? - CoinDesk - May 9th, 2020
- One of Bitcoin's Earliest Miners Is Dedicating $66M in Crypto to a Fund of Funds - CoinDesk - May 9th, 2020
- Dollar Vigilante Founder Talks Covid-19 and Economic Crisis: 'The Modern Financial System Is at the End of It's Rope' | Interview - Bitcoin News - May 9th, 2020
- Here Are the Options: Bitcoin Derivatives Give BTC Halving Insight - Cointelegraph - May 9th, 2020