The price of cryptocurrency bitcoin surged to 11,800 dollars on Sunday afternoon – its highest level yet.
Bitcoin, a peer-to-peer digital currency system created in 2009 that is not propped up by a central bank, has seen its value increase ten-fold, but with dramatic fluctuations, this year.
After surpassing the 11,000-dollar threshold on Wednesday, the currency fell to around 9,000 dollars the following day.
Central bankers have warned of bitcoin’s unpredictability and of indications that it constitutes a bubble asset that could come crashing down in value.
On Friday, the cryptocurrency got a boost on its way to becoming an established financial product with a statement from the world’s largest derivatives exchange, CME, that futures contracts for bitcoin would be available in two weeks time.
