Bitcoin has never been for the faint of heart.
But this week the cryptocurrency has thrown investors for a loop. After slipping as low as $5,600 last week, bitcoin jumped to a new record high of nearly $8,295 Wednesday, Nov. 22.
According to Fundstrat analysts, last week's dip wiped out the "weak" bitcoin investors. The analysts said they "no longer feel caution is warranted" and nearly doubled their mid-2018 price target for bitcoin to $11,500.
It seems bitcoin is growing in ubiquity, too. The number of accounts on Coinbase, a leading bitcoin trading platform, surpassed 14 million.
What's more, the total market cap for cryptocurrencies is about to hit a major milestone. If the market cap can replicate the same day-over-day performance it had coming into Wednesday, it can move past the $250 billion mark this week.
Bitcoin showed off its characteristic resiliency this week, too, bouncing back easily after crypto wallet service Tether announced it had been hacked. Tether, which allows crypto exchanges to store and convert fiat currencies to "safe" tokens, said the hacker took nearly $31 million Sunday, Nov. 19. Shortly after Tether announced the breach, bitcoin tumbled below $7,820. But shortly after, it was back to record territory.
In early afternoon trading Wednesday, bitcoin had gained 0.4% to $8,125.37.
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