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Bitcoin tops $9,000 mark for first time

The cryptocurrency has risen nine-fold since the beginning of the year.

Bitcoin's value has skyrocketed nine-fold since beginning of 2017.
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The value of bitcoin continued to skyrocket this weekend, breaking the $9,000 mark for the first time in the cryptocurrency's history.

The price of bitcoin surged passed $9,000 Saturday night and sits at $9,139, an increase of 4.28 percent, according to data from digital currency information site CoinDesk. That value roughly converts to £7,000 in the UK and AU$12,365 in Australia. Bitcoin's market capitalization is now almost $153 billion.

The cryptocurrency has experienced a massive run in 2017. On Jan. 1 this year, bitcoin was priced at just under $1,000. Still, the cryptocurrency's value has been extremely volatile and prone to crashes.

Bitcoin bulls believe there's still room for more profits. Hedge fund manager Mike Novogratz predicted earlier this week that the cryptocurrency will end the year at $10,000, according to Bloomberg, while Fundstrat's Thomas Lee doubled his price target to $11,500 by the middle of 2018.

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