(Dow Jones) Bitcoin surges above $11,000, last trading up 14% on the day at $11,281, according to www.coindesk.com.
Bitcoin is trading in a clear upward trend and Neil Wilson at ETX Capital describes the year-to-date chart as "simply staggering." The price increase can't be explained by any technicals or fundamentals.
"So far it's following the play-book for a speculative bubble to the letter," he says, adding that "this sort of thing never, ever lasts."
For now, Bitcoin may have further gains to make, however. "Whilst this appears like a classic bubble, Bitcoin could have a lot, lot further to run before it blows."