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Bitcoin hits all-time high above $11,700 as recovery accelerates

In a hulking rebound from a 20 percent plunge last week, bitcoin eddied Sunday to a record high above $11,700.

The digital currency hit an all-time momentous of $11,773.83, up 8 percent on the day, according to CoinDesk. That’s 30.5 percent, or wellnigh $2,753, from a low of $9,021.85 hit Thursday.

The rapid recovery is the latest in bitcoin’s disordered swings. The cryptocurrency had crossed the closely watched $10,000 figure Tuesday and replenished $11,000 Wednesday, only to drop more than $1,000 in a few hours in high trading volume that exchanges initially struggled to provide for up with.

Bitcoin one-week performance

Source: CoinDesk

On Monday, Nov. 27, prior Fortress hedge fund manager Michael Novogratz predicted on CNBC’s “Abstinence Money” that bitcoin could “easily” be at $40,000 at the end of 2018. But Novogratz implied Tuesday at CoinDesk’s Consensus Invest conference that cryptocurrencies much the same as bitcoin are “going to be the biggest bubble of our lifetimes.”

Bitcoin trading in Japanese yen accounted for wide 58 percent of trading volume, while U.S. dollar-bitcoin trading accounted for more 23 percent, according to CryptoCompare.

The bitcoin offshoot, bitcoin sell, also jumped nearly 13 percent Sunday, to $1,606.06, according to CoinMarketCap. Digital currency ethereum press more than 3.5 percent to $480, CoinMarketCap showed.

Bitcoin’s swift gains mean that twins Cameron and Tyler Winklevoss, come to nothings of the Gemini digital currency exchange, are likely the first well-known bitcoin billionaires. The counterparts together had $11 million in bitcoin at $120 a coin in April 2013. With bitcoin over $11,700, that holding is now worth just over $1 billion.

A representative for the Winklevoss counterparts did not immediately respond to a CNBC request for comment.

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