Published
6 years ago on
October 16, 2017
This is good news for all who have invested in Bitcoin, as the value has reached a new all-time high of nearly $6000. Avoid Bitcoin investors will no doubt have watched the price rise to a new high of $5,856.10 in the early hours of the morning. This record comes very soon after it had already set new heights by exceeding the $5,000 mark yesterday. In just short of three hours, we saw the price rise by hundreds. It was quite extraordinary! The lowest price was just $5,396, which is still arguably a great price.
What’s more, is that this recent price surge, could see China reverse the ban of cryptocurrency exchanges! This latest increase in Bitcoin means that the price is up by over thirty percent in just one week. It is not just Bitcoin though that has been on the rise. According to CoinMarketCap data, Ether and Litecoin are also seeing positive price moves, with Ether being up over five percent in the last 24 hours, and Litecoin is up by almost fourteen percent.
This has had a great result for all cryptocurrencies, as the combines market cap is also climbing again, nearly hitting the 1st September peak of $172.5billion, after peaking at $171.94billion. Bitcoin’s market capital accounts for over fifty five percent of the total, as the market capital is at $95.5billion. Just last month, Chinese regulators put a ban on all cryptocurrency exchanges, which meant that some of the largest ones in the country were instantly shut down.
On top of this, the government banned all Initial Coin Offerings (ICO’s), which is a way for cryptocurrency start-ups to raise money by issuing tokens. This might change soon though, as reports that have emerged in the last few days could see this all change. In a report issued by cryptocoinnews, they suggested that Chinese state-owned news company Xinhua, said that Bitcoin trading is likely to resume with more regulations in place. These regulations could include new licensing and anti-laundering regulations that all exchanges would have to implement. The CEO of cryptocurrency exchange Gatecoin, said;
“Speculators are bullish on Bitcoin’s value with the anticipation of China’s reintegration with global crypto markets”.
This recent price increase could see huge things happening to Bitcoin, and other cryptocurrencies, and it is likely that investors will be keen to see where this takes them.
References and Further Reading:
- CoinDesk; $5,856: Bitcoin Price Hits New Record High
- CNBC; Bitcoin leaps to record above $5,300
- Breaking; Value of Bitcoin reaches record high of $5,200
