Bitcoin transactions have surged in the past few months, from about $18 billion a day in September to $50 billion a day, according to research firm coingecko.
The report points out that bitcoins price rise is driven by retail, professional investors and many platforms that make bitcoin trading easier.
On the retail side, squills app cashapp, Robin Hood and paypal allow users to buy and sell bitcoin directly in their apps. In terms of professional investors, financial companies such as the Chicago Mercantile Exchange Group and the Intercontinental Exchange operate derivatives markets.
However, bitcoin is still a small market, according to the report. In the current uptrend, the total market value of bitcoin in circulation is about $362 billion. By contrast, according to the World Gold Council, the size of the gold investment market is about $11.9 trillion at the end of 2019.
It is reported that there are about 18.5 million bitcoins in circulation.
Bitcoin prices rose to $19864 on November 30, a record. (Getty image)