Bitcoin price surge shows no sign of slowing

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Bitcoin has hit a new record high after reaching a new level over the the weekend.

The cryptocurrency reached an all-time high of $9,682 after clearing the $9,400 level on Sunday, a rise likely to be a direct result of an influx of new users on Coinbase, the largest bitcoin exchange in the US. 

Between Wednesday and Friday, around 100,000 new accounts were created on Coinbase and now the exchange has 13.1 million users compared to the 4.9 million it had at this time last year.  The CME Group also recently announced that it would begin to list bitcoin futures during the second week of December and this could have contributed to bitcoin's recent surge. 

In this year alone, the popular cryptocurrency has risen by around 870 per cent and this has led its critics such as JPMorgan Chase CEO, Jamie Dimon to speak out against Bitcoin in October saying that those who were stupid enough to invest in the cryptocurrency would end up paying the price for it. 

Bitcoin may be at a record high but will the popular cryptocurrency continue to rise in value or will Ethereum or another variant of bitcoin soon take its place? 

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