Bitcoin surpassed $10,000 for the first time ever on Tuesday, topping a 900% ascent since the beginning of 2017. The digital currency was trading below $1,000 at the start of the year.
According to Coindesk.com, the cryptocurrency shot up as high as $10,044 on Tuesday night, a 20% climb in just the past few days. Bitcoin soared above $9,000 over the weekend.
As the price of the largest cryptocurrency by market value skyrockets, so has the number of accounts being opened, according to TheStreet's Tanzeel Akhtar. Coinbase, the operator of the largest U.S.-based Bitcoin exchange, added about 300,000 users just last week, CNBC reported. This means Coinbase has more users than discount brokerage Charles Schwab, which had 10.6 million active accounts in October. Coinbase said it had 11.7 million users at the end of October.
But the trading frenzy and steep ascent of Bitcoin has worried many investors and traders.
"Bitcoin is now officially an investor mania," warns Josh Brown from Ritholtz Wealth Management. "Like all manias, when it turns, people are going to be wiped out."
In comparison to Bitcoin's steep ascent, the Dow Jones Industrial Average has gained 21% so far in 2017 and the S&P 500 has surged 17%. Not too shabby -- but not a 900% spike, either.
Tanzeel Akhtar contributed to this report.