The price for a bitcoin is setting new records. At 14:47 UTC, the cryptocurrency was trading at $8,212.16, up 2.22 percent in the last 24 hours. (See also: Bitcoin Price Crosses $8,000 For The First Time.) Earlier this morning, it had climbed to $8,224.24.

The cryptocurrency’s price increase is dramatic, when you consider that it had dropped to a low of $5,500 less than 10 days ago, after traders shifted their funds to rival bitcoin cash. The situation has since reversed and bitcoin cash has lost significant value after surging by nearly 300 percent. (See also: Does Bitcoin Cash's Success Signal A Cryptocurrency Conflict?)  

The top 10 most-traded cryptocurrencies followed bitcoin’s trajectory by either holding steady or rising in price over the last 24 hours. The overall market capitalization for cryptocurrencies was $242.6 billion, an increase of 20.3% from last week.

Trading Volume Remains Flat

The increase in bitcoin’s value has occurred without a corresponding change in its trading volumes. According to online publication CoinDesk, trading volumes in the cryptocurrency have not risen since November 16. “A low volume rally is not necessarily an ominous sign, but could be an indication of overstretched valuations: i.e. investors are reluctant to invest fresh capital above $7,800 levels,” the publication writes.

To be sure, trading volumes are just one of the many factors that influence bitcoin’s price. For example, media attention and chatter about government regulation also drive its prices up because they pave a path towards mainstream society for the cryptocurrency.

The latest agency to consider regulating bitcoin is the European Central Bank. A Reuters report quotes Ewald Nowotny, a member of ECB’s governing council, as saying that its members are in discussions about whether “legislators or central banks should intervene” in bitcoin trading.

In the meanwhile, Korean ATM manufacturer Hyosung recently announced that it would support bitcoin purchases at its extensive ATM network through a partnership with Missouri-based mobile solutions company Just Cash. According to reports, bitcoin purchases through Hyosung’s ATMs will produce a paper receipt with public and private keys and a scanned QR code to make bitcoin funds available.

Finally, LedgerX, a platform for bitcoin derivatives, issued its first bitcoin futures contract over the weekend. Online publication qz.com states that the contract is an option to buy bitcoin at $10,000 by December 28, 2018, with an implied probability that bitcoin will be above $10,000 on that date.

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