The market valuation for cryptocurrencies has imitated bitcoin in its price trajectory. The low today was $11,670 so the record represents a gain of $1,128 in less than 24 hours.
However, many remain critical of bitcoin.
Bitcoin's rapid rise this year has been powered in part by expectations that established fund managers are set to start pouring money into the virtual currency as it gains legitimacy. Passing the $400 billion took less than two weeks, the amount of time that it took for the market to traverse the distance between $100 billion to $200 billion.
However, many financial experts and exchanges have adopted the cryptocurrency.
Bitcoin's price has risen dramatically in 2017. "That's what's needed, and it needs to be done by the Federal Reserve, the SEC, and the Bank of England and the European Central Bank at the same time".
Craig Erlam, senior market analyst at Oanda, said: "It will be interesting to see what happens once Bitcoin futures are launched on Cboe and CME and traders are given the chance to short, should they be courageous enough".
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Davies might have a point. The digital currency is now rapidly approaching the $15,000 mark as inventors' demand soared ahead of the official launch of Bitcoin futures from multiple exchanges in the United States.
Prices have been boosted after CBOE Global markets said it will launch trading in in the cryptocurrency from December 10 after receiving a green light from the Commodity Futures Trading Commission.
"Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation".
This morning, NiceHash, a Slovenia-based mining marketplace for people willing to let their computers be used for mining, said hackers had stolen bitcoin worth $64 million from its systems.
The Bitcoin is scaling a new peak each passing day.
Alongside the dominant Bitcoin, other cypto-currencies such as Ethereum and Ripple have also been enjoying rallies on the back of this. "Just watch the fireworks", he said.