November 2nd will be remembered as the day when the price of Bitcoin reached its highest peak in 2017, touching $6,955.67 per unit and rising. The average value of the currency on some of the world’s most popular exchanges is stuck at $6,900 after certain amounts of BTC were sold. An increase of $3B trade volumes has been recorded over the last 24 hours, which caused a big drop of financial worth of other digital assets.
Bitfinex, Bitflyer, Bithumb, GDAX and Hitbtc were the busiest exchanges in terms of swapping the cryptocurrency, but Japan still holds the primacy with over 60 percent of BTC volume, following Japanese yen and recent CNY downturn are the USD, EUR, GBP and KRW. Once holding the fifth position, the Chinese trade volume is currently at 19% of all the world’s trades, due to a rapid increase of OTC networks like Localbitcoins.
This year has documented a 500 percent rise of Bitcoin prices, and current charts are showing an upward trajectory of $7K. If further buying of the currency contiues at this rate, a smooth sail towards $8,200 is at the horizon. In the event that the values suddenly drop, the price should consolidate between $6,700-6,800 tops.
Cryptocurrency markets like ETH or LTC have suffered 3-10 percent losses or maybe even more. The only two digital assets with positive global exchanges are BTC and BCH, reaching a new high of $550. Ripple markets are also down by 3.5 percent, with average price values around $0.19 per XRP.
To put it differently, the overall cryptocurrency price rise will likely reach new heights over the course of the next two or three weeks. However, as the new hard fork approaches, people and investors are uncertain about the currency’s valuation. Both scenarios are possible, a sudden drop or further rapid growth – it all depends on price swings, the amount of buy pressure and the assumption that Bitcoin users are dumping altcoins to bring the price above $7,000 as soon as possible.
Source:
“Markets Update: First of the Month Sees Bitcoin Skyrocket to $6900+”, news.bitcoin.com, November 2, 2017.
coolsongss
6 years ago
It is quite interesting to read this kind of news. Definitely the predictions are right and wrong. It went up sharply even after this news around $15,000~ $17,000 as I remember. And it began to fall after the news that some governments will put tight controls on it, because it is too much being speculated and manipulated. Let's...
It is quite interesting to read this kind of news. Definitely the predictions are right and wrong. It went up sharply even after this news around $15,000~ $17,000 as I remember. And it began to fall after the news that some governments will put tight controls on it, because it is too much being speculated and manipulated. Let's see.
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Alex and R
6 years ago
Don't forget that future price highs of Bitcoin also depend on Forks, which can change or upgrade the protocol and make previous rules valid or invalid. I doubt that BTC can reach $10k by the New Year's Eve, especially after Segwit2x.
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hansenrobj
6 years ago
Bitcoin is taking off and seems to be gaining serious support around the world. It seems reaching $10,000 is likely so when is that like to be? Will there be a major decline first?
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jade
6 years ago
I was quite surprised to see that Bitcoin had increased that much. You got that phrased on point Alex, "Bitcoin Skyrockets!" I have been using my prepaid card to make casino deposits lately. I use to use Bitcoin, but the transaction fees were siphoning off all my profit, so I stopped spending it and was oblivious to...
I was quite surprised to see that Bitcoin had increased that much. You got that phrased on point Alex, "Bitcoin Skyrockets!" I have been using my prepaid card to make casino deposits lately. I use to use Bitcoin, but the transaction fees were siphoning off all my profit, so I stopped spending it and was oblivious to the huge increase. This is a very exciting time for Bitcoin everywhere. As the price continues to increase, so does its acceptance throughout the world. I just thought that it would be a great currency for US players in the online casinos and it is, but it is so much more than that. Bitcoin is changing lives. Bitcoin is like a jackpot that is getting bigger and bigger. Can't wait to see where it goes from here!
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Fridayhigh
6 years ago
Every currency is dependant on acceptance and its use, Bitcoin is no exception. Like online gambling and pornography gave rise to the internet, Bitcoin is no different. But after 10 years of quantitative easing by every Central Bank the world over, that found itself into the stock and bond markets, the spill over to...
Every currency is dependant on acceptance and its use, Bitcoin is no exception. Like online gambling and pornography gave rise to the internet, Bitcoin is no different. But after 10 years of quantitative easing by every Central Bank the world over, that found itself into the stock and bond markets, the spill over to Bitcoin would be a consequence. The introduction of debit card to convert ones bitcoin back into fiat is of course a major breakthrough. But then again that in itself will be controlled by Central Banks and governments. If they pull the rug out from the debit cards, Bitcoin acceptance and use so too will fall. The borderless-ness of this currency and transferability along with blockchain technology is its strength. It's weakness just like fiat, backed by nothing. The day the tax man accepts bitcoin will be the day of its confirmation, but by then where will the world and/or you be?
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