Bitcoin price Surged Above $11,000

Published on: 04 Dec, 2017

Bitcoin price jumped to a new record high on Wednesday as investors’ interests in cryptocurrencies continue to increase.

Bitcoin, the world’s largest cryptocurrency by market cap, surged 11 percent to $11,005.23 during Wednesday’s trading session, according to data from industry website Coindesk. The digital currency surpassed $11,000 just a few hours after it hitting the $10,000 milestone.

"We are experience all-time high traffic at the moment," Coinbase Director of Communications David Farmer said in an email Wednesday morning to CNBC. The "vast majority of traffic is being served but with slower performance. Our engineering team is actively working on this and should be fully resolved in a couple of hours."

Bitcoin has gained over 1000 percent this year, bring its market cap to about 187 billion.

Other cryptocurrencies also moved higher on Wednesday. Ethereum, the second largest cryptocurrencies by market cap, jumped 6 percent to $500.98 on Wednesday, according to Coindesk. Ethereum now has a market cap of about 44.87 billion.

According to Business Insider, Charles Hayter, the CEO of CryptoCompare said in an email: "$10k represents the closing of the second cycle in Bitcoin which has drawn the interest of institutional investors who have so far been constrained from trading by their remits. This is starting to change as more sophisticated and regulated instruments are made available. This will lead to Bitcoins third cycle."

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