There haven’t been significant updates to bitcoin’s protocol or trading volumes in the last 24 hours. As always, miner rewards have kept pace with the surge in bitcoin’s price to enable profits. The most probable reason for a rise in bitcoin’s valuations is the prospect of institutional investors investing in it. TD Ameritrade has become the latest big name to enter the bitcoin sweepstakes by allowing customers to trade in bitcoin futures, starting Monday. The entry of institutional investors is expected to bring price stability to the cryptocurrency.

Within the last 24 hours, its price has jumped by approximately $1,600. Last week, at around the same time, bitcoin was trading at $14,623.18. This means that its value has appreciated by approximately $5,400 in a week. On an overall basis, the cryptocurrency is up by 1,845% this year. At this rate, a price of $20,000 before the end of this year might not be unreasonable.

But prominent names are increasingly describing bitcoin's price rise as a bubble. In an interview with BusinessInsider, Nobel Prize-winning economist Paul Krugman said the bitcoin bubble was unlike the housing crisis bubble because the cost of producing new bitcoins has become more expensive (as compared to housing, which became cheaper due to greater supply).

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