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Bitcoin Breaks Another Record, Flies Past $8,000 Mark


11/20/2017


Bitcoin Breaks Another Record, Flies Past $8,000 Mark
Bitcoin – the largest cryptocurrency of the world, hit yet another high, as it continues to defying growing bubble fears in its relentless and volatile rally and is exhibiting no sign of slowing down.
 
On Monday ate around 9:27 a.m. in New York, there was a rise of as much as 6.7 percent in its value to reach a record value of $8,224. The cryptocurrency had undergone declines of more than 25 percent on three separate occasions - all of which later give way to subsequent rallies and therefore experts say that this year has been a tumultuous year for the virtual currency.
 
“The inflation in this thing is massive,” Luke Hickmore, a senior investment manager at Aberdeen Standard Investments in London, said in an interview with Bloomberg TV. “When will it collapse? Who knows. It will cause a lot of pain.”
 
Many on Wall Street are no longer able to ignore the cryptocurrency as it is becoming too big to do so even as the asset has been identified as bubble that is about to burst at any time by many skeptics. The success of the cryptocurrency can be gauged form the fact that senior executives at Goldman Sachs Group Inc. and Citigroup Inc. have said that they are cryptocurrencies and the blockchain technology which forms the basis of cryptocurrencies are being researched by them and starting next month, bitcoin would be offered for future trading at the world’s biggest exchange -  CME Group Inc.
 
There has been a pickup in bitcoin users who have shifted to alternative virtual currencies, primarily bitcoin cash and this has resulted in the recent volatility that has been experienced by the virtual currency. Lower transaction costs and faster speed are the primary reasons that bitcoin cash is gaining popularity. Due to the fact that there are persistent disagreements over bitcoin’s design and the fact that people do not want to let go any opportunity to make a quick buck, therefore new cryptocurrency iterations are springing up.
 
Coinmarketcap.com prices showed that climbing down from a high of $1, 388 on Nov. 12, there was a drop of 0.6 percent in the value of bitcoin cash on Monday and it traded at 1,184. Bitcoin now has a total value of more than $130 billion and the cryptocurrency has surged more than 700 percent this year so far.
 
“I find it remarkable and somewhat frightening how, no matter how much bitcoin is pummeled by sellers, it simply bounces back even stronger,” said Lukman Otunuga, an analyst at currency brokerage ForexTime Ltd. “Will bitcoin hit $10,000 before year end? This is the question every investor is asking.”
 
(Source:www.bloomberg.com)