2017.11.1923:17:00UTC+00Bitcoin Breaks Through $8, 000 Mark as Tech Upgrade Concern Eases

Bitcoin surpassed $8,000 for the first time as investors dismissed technology worries that have hindered its rally earlier this month.

The digital currency rose 4.8 percent to $8, 071.05 on Monday. So far this year, the cryptocurrency is up more than 799 percent after shaking off a drop of as much as 29 percent earlier this month. It has been a turbulent year for the biggest cryptocurrency, with three separate declines of over 25 percent in value opening the way to subsequent rallies.

Despite majority of skeptics warning that the asset is a bubble waiting to collapse, it is becoming too big for most on Wall Street to dismiss. The digital currency is receiving acceptance of professional investors, with CME Group Inc., the world's biggest exchange, slated to introduce futures trading on bitcoin next month.

Recent volatility also came from a surge in people moving to alternative virtual coins, particularly, bitcoin cash. The Bitcoin offshoot has gained popularity due to lower transaction cost and faster speed. New digital currency iterations are surfacing as disputes over bitcoin's design linger and opportunities for making a quick profit prove hard to dismiss.