Bitcoin has been surging to record highs this week and at an unprecedented pace.
On Thursday it hit a new record high of $16,000 and later, albeit briefly nearly topped $18,000.
To give you an idea just how big the current frenzy surrounding Bitcoin is, a popular Bitcoin wallet and trading app called Coinbase has just become the most downloaded iPhone app in the United States.
Less than one ago, Coinbase was around the 400th most popular free app in the App Store.
But the surge in interest in Bitcoin has seen the Coinbase app spike to number 1 spot, beating the likes of Facebook, WhatsApp, Instagram and YouTube, Bloomberg reported.
Investors are also swarming to the Coinbase website, with the firm having posted messages on social media about experiencing record high traffic, which had taken the site offline.
We are currently experiencing record high traffic. This is resulting in some customers having slow performance or issues logging into their https://t.co/bCG11KveHS accounts. We are actively working to resolve this as quickly as possible.
— Coinbase (@coinbase) December 7, 2017
Coinbase’s rise in popularity comes after another Bitcoin exchange suffered a huge security breach.
On Thursday, Reuters reported that NiceHash lost $64 million worth of Bitcoin after its payment system was hacked.
Since last December, the value of Bitcoin has increased by almost 2,000 percent.
A year ago it was valued around $800 but at the time of writing was price at approximately $16,664.
However, after its surge in value over this past week, its price plummeted on Friday by more than 12 percent to $15,000 at the start of Asian trading, Reuters reported.
If you’re looking to get involved with Bitcoin, Coinbase is probably your best place to start, although users outside the United States may require a VPN to access all services.
If you’re in Thailand you can find out more about how to buy and sell Bitcoin here.