Published Date : Oct 13, 2017
Bitcoin, a popular cryptocurrency, has defied predictions set by skeptics while rising Thursday to a new all-time high, going past the US$5,000 figure early morning. Moreover, it had soared to almost another US$400 higher during the day. The cryptocurrency settled around a US$5,320 as of late afternoon ET. This achievement has been marked to be an approximately 170% raise from bitcoin’s slump in summer where it fleetingly dropped below a US$2,000. It has also been expected to amount to a 25% one week gain. Beginning the year at close to a US$1,000, bitcoin has been on a rampage since then.
Bitcoin Wears Aggressive Nature, Ramps up Value Onward and Upward
Giving a single explanation for the surge experienced by bitcoin could be a challenge, as has been the case with the cryptocurrency typically. However, the price hike has been anticipated to be impacted by certain factors such as signs that declared crackdowns in China and Russia would not be as harsh as feared and an intensifying interest demonstrated by Japanese investors. Nevertheless, there could be other factors encouraging bitcoin, such as bullish notes from Goldman Sachs and a longstanding bitcoin bull, JP Morgan. Large U.S. exchange, Coinbase’s move to allow ordinary investors to be involved in day trading could be another factor positively influencing the growth of bitcoin.
The Thursday run-up has also been reportedly responsible for raising the value of Litecoin, Ethereum, and other digital currencies. Although bitcoin has been observed to grow more mainstream, one could hardly tell any signs that note it has shed its popular volatility.