Believers in the Bitcoin technology, which is backed by a new kind of computer network, have argued that what we are seeing is the formation of a new asset class that could join stocks, bonds and physical commodities in the investment portfolios of ordinary people.

If this is a new digital gold, today’s extraordinary prices still leave the total supply of Bitcoins in the world at a value that is only one-sixtieth of all the real gold in the world.

But even aficionados have been dumbstruck by just how quickly the price has gone up in recent months.

“While there has been a slew of bullish news for Bitcoin of late, the rapidity of the ascent to $10,000 has taken many of us by surprise,” said Chris Burniske, an investor and a co-author of the book “Cryptoassets.”

Or as one trending comment on the Reddit social network put it: “This is officially madness. I am going to prepare myself for a large correction.”

Hedge funds have also been clamoring to get a piece of the action. More than 100 hedge funds invest only in Bitcoin and other virtual currencies.

In many places, this trading is happening on exchanges with little regulatory oversight or transparency. This has given rise to fears that a problem at one of the exchanges could trigger a panicked run on Bitcoin, something that is not unlikely given the relative inexperience of many of the new investors.