Bitcoin reaches $8,000 for the first time

Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier this month.

Bitcoin rose 4.8% to $8,071.05 as of 7:17 a.m. Sydney time on Monday. It’s now up more than 700% this year after shrugging off a tumble of as much as 29% earlier this month. It’s been a tumultuous year for the largest cryptocurrency, with three separate slumps of more than 25% in value all giving way to subsequent rallies.

Even as many skeptics call the asset a bubble waiting to pop, it’s becoming too big for many on Wall Street to ignore. The digital currency is gaining the acceptance of professional investors, with CME Group Inc, the world’s biggest exchange, poised to start offering futures trading on bitcoin next month.

Click here for an explanation of the technology behind the bitcoin and bitcoin cash fork

Recent volatility has also stemmed from a pickup in people switching to alternative virtual currencies, notably, Bitcoin cash. That’s gaining popularity due to lower transaction cost and faster speed.

New cryptocurrency iterations are springing up as disagreements over bitcoin’s design persist and opportunities for making a quick buck prove hard to pass up.

Read: Thousands of Bitcoin being traded in South Africa every week

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Bitcoin reaches $8,000 for the first time