Bitcoin Hits Staggering High Of Over $11000

Bitcoin officially passed $11000 mark on Wednesday morning before dropping back to over $10000.
The cryptocurrency tore through $11,000 early on Wednesday 29 November, hours after it passed the  $10,000 mark for its very first time. According to CoinDesk, bitcoin had risen all the way to $11,377.33.

It was back to below $11,000 after an hour as the new milestones made it highly volatile.

"Parabolic rallies are inherently unsustainable, otherwise bitcoin's value would surpass all the wealth of the world within a few years," Ari Paul, CIO and managing partner at cryptocurrency investment firm BlockTower Capital, said . "But ... while the pace of the rally is unsustainable and there will inevitably be corrections and crashes over time, it remains 'cheap.'"

The currency was 6 cents seven  years ago and less than $1000 at the start of 2017.

Below were the reactions on Twitter;

#Bitcoin #Jumps to 11, 000 #Less #Than 12 #Hours after 10, 000 breakthrough bitcoin has surged to 11000 #Just 12 hours after passing the symbolic 10000 #Mark, making one unit of the digital currency #Worth more than 8200 . https://t.co/F0Sjj6K9Rq

— Tian_A1 (Thierry) (@Tian_A1) November 29, 2017

so i remembered i bought a bit coin back in 5th grade. i’m literally buying weed with the money as we speak

— 無聲殺手 (@maggieinthemud) November 29, 2017

Cleared out of bitcoin in 2015. Now I see at current valuation the fractional bitcoin left in the wallet is now worth a whole $0.40. Things are looking up 😜.

— Jonah Duckles (@jduckles) November 29, 2017

Wow #bitcoin at some point today was beyond the $11000 and now at around $10678 .. amazing pic.twitter.com/ro5F0IqkvF

— Javed (@javed) November 29, 2017

Bitcoin Price Hits $11000 Global Average as Altoin Markets Shatter Records https://t.co/azOiSUKhPg

— Crypto News (@CryptoNews_io) November 29, 2017

 In August, Bitcoin Hits The $3000 Mark To Reach An All Time High and nobody thought it would get to these levels.