LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
On Friday, October 20th, Bitcoin hit a new all-time high level of $6,000. In the afternoon, the price of bitcoin started climbing and broke the $6,000 “threshold”, climbing to around $6,144 (Coinbase). Although, the price today is decreasing slowly, coming at $5, 959 (Coinbase), the market capitalization of the “people’s currency” is now around $100 billion, larger than Goldman Sachs’ – $94.5 billion.
According to Jen Wieczner from Fortune:
“Bitcoin initially breached the $6,000 threshold Friday morning at only one exchange, Hong Kong-based Bitfinex, where investors can buy and sell cryptocurrencies such as Bitcoin and Ethereum. After remaining just a few dollars shy of the mark at other digital currency exchanges such as Coinbase, which is headquartered in San Francisco, Bitcoin officially crossed the milestone on all trading venues just as U.S. stock markets closed Friday.”
With blockchain, the underlying technology behind bitcoin, finding “popularity” in not only finance, but real estate, healthcare, etc., it is normal to expect the price of bitcoin to increase even further. Some investors even believe that bitcoin can easily hit the $25,000 price per coin, which will represent another 300% increase in the value of bitcoin.
The bitcoin community is now preparing for another hard fork next week, with another currency coming into sight – Bitcoin Gold. The last hard fork on bitcoin created Bitcoin Cash and the prices of both currencies skyrocketed, so investors seem bullish now on bitcoin and the upcoming events.