Bitcoin trades above US$ 10,000 level

Surging by over 10-folds in the present year, Bitcoin surpassed the psychological level of US$ 10,000 on Wednesday for the first time ever. The cryptocurrency’s market value crossed over US$ 176 billion during the day, according to coinmarketcap.com.
 
Market watchers have maintained their scepticism over the surge, warning investors that the bitcoin valuations might be nearing a bubble, whereas, bitcoin patriots are claiming that the currency is set to chart newer highs. With increasing acceptance in the mainstream market, the cryptocurrency has become the face of a transformational monetary system.
 
As the cryptocurrency has surpassed the US$ 10,000 mark, the market may even see a trend of profit booking amongst the investors. In the recent times, the cryptocurrency has witnessed a growing stream of investments purely on the basis of speculation and a fear of missing out amongst the investors. 
 
In the year 2013, Bitcoin had recorded a stark surge from below US$ 100 level to over US$ 1,000. The surge was followed by a steep fall, to US$ 200 level, in tranches. The cryptocurrency stood at below US$ 1,000 level for over two years till 2016, post which it has recorded volatility, but has witnessed a constant rise.