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Bitcoin Hits New All-Time High Above $6,400

Bitcoin Hits New All-Time High Above $6,400

in Bitcoin & Cryptocurrency published on 1, November 2017

Cryptocurrency investors celebrated another milestone yesterday, as bitcoin traded above $6,400 for the first time, setting a new all-time high for the currency.

Prices were trading at over $6,415 today at 14.00 UTC, and comes off the back of consecutive daily rises since markets tipped $6,000 for the first time around a week ago.

The news sees bitcoin soaring to its highest value ever, and continues the upwards long-term trend that has seen bitcoin outperform all established fiat currencies over the same period.

Prices are up more than 500% on the start of 2017, when bitcoin was trading at just $1,000. The most recent price climb saw bitcoin gaining over $200 in value in a single 24 hour period, with market cap now topping $106 billion.

At the time of writing, markets were up further on the day, at just over $6,486. Analysts are expecting prices to continue to rise in the short term, although some urge caution about the potential of a near-term reversal.

This would follow a trend in the bitcoin markets to date, with prices often highly volatile and responsive following all-time highs and other market events. However, with the long-term picture continuing to firmly trend upwards, the news of these record trading levels will be widely interpreted as bitcoin making ground.

Analysts are now turning their attention to where bitcoin could go next, and some are particularly bullish about its prospects.

Last month, former billionaire fund manager Mike Novogratz became the latest to voice his opinions, forecasting a value of $10,000 within the next six to 10 months.

His prediction came following the launch of his new fund, which was set to invest $500 billion of his own and investors’ money in bitcoin and the surrounding startup ecosystem.

With bitcoin continuing to set new records and enjoying strong growth through 2017 so far, few would now argue that $10,000 is possible.

By contrast, bitcoin cash, the coin formed as a result of the hard fork in August of this year, has faced downward price pressure in recent days, ahead of scheduled technical changes to the supporting infrastructure.

 

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