“A brief dip before next leg up!”
Setting up a new record in the cryptocurrency history, Bitcoin hit through $61,00 mark this Saturday. According to the industry website CoinDesk, The cryptocurrency hit an all-time high of $6,147.07 just a day after pushing through the $6,000 mark. Markets climbed as high as $6,003.81, according to CoinDesk’s Bitcoin Price Index (BPI). This figure surpasses the previous all-time high set on October 13, when the price rose to $5,856.10.
Moreover, a very strong Bitcoin trading volume is seen over the past 24 hours. From the $2.2bn worth of BTC changing hands across all exchanges, it is evident there is a growing demand for the world’s leading cryptocurrency. This is not entirely surprising, especially not with a few big dips along the way after setting this new all-time high. For the time being, it remains to be seen what the future may hold for the Bitcoin price, but things aren’t looking all that bad by any means.
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Since every result has an experiment done to make it possible, in order for the Bitcoin to surge, the experiment was the split in the Bitcoin known as the “fork”. According to a blog post from Bitcoin exchange Coinbase, a fork is “change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.” The results of the “fork” can sometimes lead to a decline of value and at others a surge, like it did in the case of Bitcoin.
The “fork” will eventually lead to the creation of new cryptocurrency called Bitcoin gold. Which implies that the owners of the Bitcoin would get some gold, once it is issued, which in-turn is equivalent to giving away free money!!?
Having a fork yet again, after experiencing one in August (when a new cryptocurrency called bitcoin cash was created) is not really in the favor of the concerned parties. Yet Bitcoin has been performing above par as Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, told CNBC on Friday that bitcoin investors were betting on bitcoin holding its status despite the split.
While this is some good news, China considering removing the ban on cryptocurrency exchanges, brings even more hope for the cryptocurrency future. For this would definitely flourish the bitcoin value and give it a magnanimous boost.
All in all, a high demand in the cryptocurrency is inferred from the acquired data so far. This has some credit roots in Japan, where the use of cryptocurrency as payment has become a practice over past couple of months. This is one major feat, yet the currency faces ups and downs, especially the setback due the Chinese banning cryptocurrency exchanges.
For now the things seem quite positive in the cryptocurrency world, for despite the declines faced in the past couple of years yet the price of bitcoin has risen over 500 percent year-to-date. Therefore, it is inevitable to see the Bitcoin surge to $61,00 yet again!