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.
After surpassing the 11,000 dollar threshold on Wednesday, the currency fell to around 9,000 dollars the following day.