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Dec 06, 2017 08:25 AM IST | Source: Moneycontrol.com

Bitcoin breaks above $12,000 for the first time

Bitcoin broke above the USD 12,000 mark Wednesday morning.

Bitcoin broke above the USD 12,000 mark Wednesday morning, as the cryptocurrency continued its march higher.

Bitcoin was trading at USD 12,269 at 8:12 AM, according to industry site CoinDesk. Bitcoin now has a total market value of nearly USD 203 billion.

On December 4, bitcoin had dipped below the previous high of USD 11,000, coming off just shy of USD 11,800.

Bitcoin is notching new heights every couple of days. In a week’s time, the exchange rate for the cryptocurrency has grown over 20 percent.

Read more: Bitcoin rally: RBI again warns users of risks

On November 28 the value of one bitcoin was USD 9,791 and on December 3, it reached its all-time high of USD 11,828, according to Coindesk, Bitcoin Price Index.

As the exchange price has surged, the valuation of all the circulating bitcoins, or as it is called, the market cap of bitcoin reached USD 198 billion (Rs 12.75 lakh crore) on December 3.
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