The price of a single bitcoin shot up to an all-time high over the weekend before setting a new normal by settling at price levels in the $11,000 range.

At 20:22 UTC on Sunday, bitcoin’s price reached an all-time high of $11,820.03. At 14:18 UTC today, the cryptocurrency was trading at $11,304.42, up 1% in the last 24 hours. The momentum for bitcoin's price spike was fueled by a slew of announcements and news validating its mainstream entry, from a date for bitcoin futures trading at CME and CBOE to hedge funds preparing to short its futures. (See also: Bitcoin's Price Reverses Course After CME Sets Futures Date.) 

Other digital currencies in the top 10 most-traded all declined, except IOTA, which rose by 41.25%. The overall market capitalization of cryptocurrencies was $340.9 billion.

IOTA is a cryptocurrency designed for Internet of Things (IoT) transactions. The cryptocurrency added more than $3 billion to its valuation after an announcement last week that the German non-profit behind the digital currency would partner with the likes of Cisco Systems Inc. (CSCO) and Samsung Electronics Co. Ltd (SSNLF) to create a data marketplace that uses IOTA protocol.

“IOTA incentivizes sharing of data through its zero-fee transactions and by ensuring data integrity for free on the decentralized distributed ledger,” the cryptocurrency’s co-founder told CNBC in an email.

A New Cryptocurrency in Venezuela and a New Price Target for Bitcoin 

Venezuela, which has been struggling with a free fall in bolivar, announced the launch of petro, a new cryptocurrency backed by its petroleum and gold reserves. According to Nicolas Maduro, the country’s president, the cryptocurrency would help the country “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.” Maduro's opposition, however, expressed skepticism over his claims. (See also: Venezuela Unveils Oil-Backed Cryptocurrency.) 

Bitcoin continued to remain a source of much online chatter over the weekend. It also received a new price target of $1,000,000 per coin from investor James Altucher. The digital currency is the “greatest tectonic shift in money and wealth that we will see in one lifetime," Altucher said. In an interview with CNBC Friday, he also made 10 predictions for the cryptocurrency market. Among these predictions is the failure of a country’s currency (Venezuela was on that list) and the creation of a new government agency to oversee regulation in cryptocurrencies.

Finally, Patrick Byrne, CEO of Overstock, took a contrarian perspective about the rise in bitcoin’s price in an interview with Fox Business last week. According to him, the real bubble was fiat currencies (versus a bubble in bitcoin).

“What do you think that fiat currency you carry around in your purse is?" Byrne asked Fox. "This dollar stuff, it’s just some fiat currency based on...the surplus taxing authority of the U.S. Treasury, of which I assert there is zero."

Byrne added that the question was not how high bitcoin’s price would go. “The real question is how low can fiat currency go - and at the end of the day all fiat currencies have gone to zero, and that’s because they end up with irresponsible money printing,” he said. (See also: The First SEC-Compliant ICO Trading Venue!

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