Will the Bitcoin buble fizzle out or stay?

Pooja Jaiswar

Investors have found a new love for investment in Bitcoin, as this cryptocurrency continues to touch new highs day after day.

Although trading in Bitcoin came into effect from 2009, this digital currency became the most searched topic on Google this year.

“There is over 90% positive correlation between price of bitcoin and the volume of google search requests,” ICICI Bank said.

Surprisingly, the digital currency which was not even close to $1 in 2010, has now touched over $17,000-mark in just nine years. With just $14 worth in 2013, Bitcoin shooted up to $1,017.58 in February 2017.

Recently, Bitcoin showed a breath-taking performance as on November 29, 2017, it stood at 10,991, and further jumped to $13,741 on December 7, 2017, and later on December 8, 2017, it rose to over $17,000 mark. From January 2013 to till date, it has gained up to a whopping 1,22,396.07% or 1225 times.

Further adding to madness in trading, Bitcoin has been launched as futures on December 11.

On the Chicago-based CBOE Global Markets exchange, it opened at $15,460 in New York on December 11 evening, and leaped to a high of $18,700 - a gain of 21%. They were last quoted at $17,550 a premium of more than $1,600 to the price on Gemini Exchange.

The ICICI Bank data stated that there are over 1300 cryptocurrencies right now with a total market cap of over $300 billion, and bitcoin dominates at 55%.

However, confusion still mars the world as far as trading in Bitcoin is concerned.

Many economists believe that trading in Bitcoin is an illusion and say it was created out of thin air. Since it was introduced by an anonymous individual, it does not serve the purpose as an instrument to buy and sell goods. Economists also say that people are trading in this portal without even understanding it.

Others say that Bitcoin is the most important invention in all human history and it is the dawn of the free world. They believe this cryptocurrency saves time and anybody could have access to it as nobody can control or alter it.

However, this era of Bitcoin is also considered as one of those bubbles that destroyed global markets.

Here's a list of bubble that came in and hampered various global markets.

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