Bitcoin tops $13,000, surging $1,000 in under 24 hours

Bitcoin climbed over $13,000 Wednesday afternoon after topping $12,000 Tuesday night.

The volatile digital currency leaped 11 percent to hit a record most of $13,017.96 and was last trading near $13,000, according to CoinDesk. Bitcoin topped $12,000 Tuesday night in a rapid recovery from a 20 percent drop the other day.

The digital currency started out the entire year below $1,000 and its own gains have accelerated as investor interest grows. Chicago-based Cboe Global Marketplaces is planning to release bitcoin futures on Sunday, while the world’s greatest futures exchange, CME, is set to release its futures product the following week. The addition of bitcoin futures by two respected exchanges marks another step towards establishing the digital currency as a legitimate asset class.

Even so, JPMorgan Chase Jamie Dimon has got referred to as bitcoin a “fraud.” Digital currency investor and ex – Fortress hedge fund manager Michael Novogratz as well said the other day that cryptocurrencies like bitcoin will be “going to be the biggest bubble of our lifetimes.” Novogratz also predicted the other day that bitcoin could reach $40,000 by the finish of next year.

Bitcoin three-month performance

Source: CoinDesk

The bitcoin offshoot, bitcoin cash, traded 2.5 percent lower near $1,465, while ethereum traded 6 percent lower near $435, according to CoinMarketCap.

That is a breaking news story. Please check back for updates.

Read more on: http://www.cnbc.com/evelyn-cheng