Bitcoin, the invisible cryptocurrency that's been in the news quite a bit lately, hit a huge milestone today. Today in the morning at around 1:30 am UTC, the value of one coin hit $10,000 for the first time ever. In less than twelve hours, the value has now rose to approximately $11,175.
The value of the currency has been rising incredibly fast recently, according to CoinDesk. The currency has been smashing through every price expectation experts have been predicting it would reach. However, just because the price is rising so quickly doesn't mean you shouldn't exercise caution when purchasing it — after all, the price could come crashing back down again at any second.
Bitcoin Closing Prices from November 16-29
It's also hit a market cap of $170 billion dollars recently. Twitter, for instance, is only worth a market cap of $16.22 billion dollars, and Netflix is worth $86.19 billion.
Industry experts will mostly argue that the currency is in some sort of bubble right now, surging up as high as it can possibly go before coming back down. Adoption of the currency is slow, and though many people haven't heard about the coin before, purchase rates are likely to rise now that it's worth so much.
The currency cost less than $0.06 each when it was created in 2010, and at the beginning of this year, was valued at less than $750 per coin.