The Bitcoin Parabola Continues: Up 10% In 12 Hours, Hits $1170

Despite the US being largely on holiday, the demand for digital currencies continues to surge. Bitcoin has rallied another 10% overnight as Chinese appetite for alternative stores of value remains unabated (BTC China is nearing its record highs) as USD/BTC is trading at $1170 - on its way to crossing the Maginot line of gold's spot price (within a few hours at this pace). Bitcoin though has nothing on its smaller cousin Litecoin which has now run from $1.11 to over $48 in the last 5 weeks. In fact, almost every crypto-currency in the world - from Infinitecoin to AnonCoin is surging... with only the ironically named PhoenixCoin (-68% overnight) not rising from the flames of fiat torment.

 

Bitcoin is making new highs in USD...

 

Getting close in China...

 

and Litecoin is exploding...

Charts: BitcoinWisdom

 

Almost every digital currency is on fire... (via coinmarketcap.com)

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