Despite strong criticism from major bank executives, Bitcoin has reached $6,000 for the first time. Investors have bet on the digital currency, but some weeks of uncertainty ahead them could kill all those gains.
The cryptocurrency rose 5 percent to a record high of $6,003.81 in late morning New York trading, making a little bit of history. However, the price rapidly took a downturn to around $5,905 by early afternoon.
Investors are more and more interested!
“In the last 24 hours and really the last few hours there has been a massive inflow of capital into the crypto, significantly outweighing the amount of new money flowing into other cryptocurrencies,” said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, according to CNBC.
And he’s very right! A twenty-four hour trading volume in U.S. dollars for bitcoin bagged nearly $2 billion. Compared to hundreds of millions for other digital currencies (Ethereum traded up slightly to around $307 and Bitcoin Cash traded 0.4 percent lower around $329), it seems that Bitcoin plays at a whole new level.
Sunnarborg also noted that futures contracts for the cryptocurency offshoot were trading lower, probably because investors are convinced that the original coin will stay on top after the split scheduled for November called SegWit2x.
A total growth of 520 percent for 2017. And the year is not over!
The cryptocurrency had climbed nearly 38 percent for October and was up 520 percent for the year and its popularity remains unbreakable even if another split, Bitcoin Gold, is also scheduled to take place in the next few weeks. Former Fortress hedge fund manager Michael Novogratz even said that he sees Bitcoin growing towards $10,000 in the next six to 10 months.
A study conducted by CNBC also showed that people believe in such an outcome, with forty-nine percent of 23,118 folks expecting Bitcoin to break the $10,000 barrier.