Bitcoin Prices Extend Breathtaking Rally Above $11,000

The price of the digital currency Bitcoin soared to record high on Wednesday, zooming above $11,000, less than a day after hitting the symbolic $10,000 threshold, despite growing fears over an asset bubble.

On the U.S.-based Bitfinex exchange, Bitcoin was up more than 10% at $11,297 by 9:30AM ET (1430GMT), the highest level in its nine-year history.

The move has helped give the cryptocurrency legitimacy in the eyes of some traders, but analysts have warned that an asset bubble is building.