Bitcoin price breaks $4,000. Here’s why
Bitcoin’s skyrocketing price is showing no signs of slowing. It’s currently trading for over $4,100 a coin, having broken the $4,000 mark in the early hours of Aug. 13. It has traded for as high as $4,225, according to the CoinDesk Bitcoin Price Index. A prediction of $5,000 per bitcoin by years’ end, issued by Standpoint Research’s Ronnie Moas in July, now doesn’t seem so outlandish.
The co-author of a forthcoming book on valuing bitcoin and other cryptocurrencies, Chris Burniske, has pointed out that there’s a strong correlation between bitcoin’s price and the performance of the search term “bitcoin” on Google, as calculated by Google Trends. It’s not a perfect indicator: Google Trends sometimes lags and sometimes leads bitcoin’ price.
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Source: QZ
Rising Bitcoin Price Yields Greater Stability: Opinion
Bitcoin prices have seen remarkable growth over the weekend, with values peaking over $4000/BTC.
This jump in price point would usually yield far greater concern of a bubble in the marketplace, since explosive growth is often a harbinger of future price collapse.
However, Bitcoin is different. Growth in value is actually a good sign. Bitcoin and VC investor Spencer Bogart posts on Twitter:
Investors are excited because the value proposition for BTC is built around increasing value and liquidity. Unlike any other investment vehicle, with BTC, increasing value results in increasing stability.
Full story at http://bit.ly/2uU98Kc
Source: CoinTelegraph
What Would Happen if Cryptocurrency Became More Popular Than Cash?
For a time, Bitcoin seemed unassailable in its dominance of the cryptocurrency market, being the first digital currency to really take root and establish itself in the mainstream. Since then, a host of worthy competitors have emerged, and there’s a real possibility that the balance of power could flip.
Many who have been regularly following developments in the cryptocurrency market refer to the tipping point where one digital currency supersedes another as “the flippening” We almost saw this occur in May 2017, when Ethereum’s market cap approached Bitcoin’s amid a surge in popularity.
When individuals have significant amounts of money invested in one cryptocurrency over another, it’s no surprise that tensions run high when they go head to head. However, these squabbles over which coin is best might be distracting us from a more pressing issue.
Some observers would argue that the true flippening isn’t a case of competition between two different forms of cryptocurrency at all. The sea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency.
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Source: Futurism
U.S./North Korea Tensions Drives Investors to Cryptocurrencies
The war of words between the U.S. and North Korea has raised demand for cryptocurrencies at the expense of traditional “safe” havens such as U.S. Treasuries and gold.
Ron Chernesky, CEO of InvestFeed Inc., a trading platform that is switching from equity to cryptocurrency trades, said investors are transferring to cryptocurrencies to diversify their risk should there be a market downturn. He said cryptocurrencies have moved from a niche space to one that is more widely accepted since they are less correlated to other assets.
Koreans are seeking refuge in Ethereum, which saw its trading volume jump to $2.6 billion on Wednesday, marking a 60% gain over bitcoin’s. This marks the second time Ethereum’s trading volume has surpassed bitcoin’s, according to The South China Morning Post.
Much of Ethereum’s gain has been driven by South Korean buying. The Korean won comprises more than 40% of Ethereum trading volume, making it the highest among currency pairs, according to coinmarketcap.com. Ethereum jumped 4% on Thursday to $304, the highest since June.
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Source: CryptoCoinsNews
Bitcoin vaults to new record above $4K, boosted by Japan and multiplying its value fourfold
The digital currency bitcoin vaulted to a new record high above $4000 on Saturday, boosted by strong Japanese demand on its way to multiplying its value fourfold this year.
Bitcoin hit an all-time high of$4,225.40 early Sunday before slightly paring those gains to trade near $4,000, according toCoinDesk.
The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin's market value is now around $64 billion, up about $10 billion in the last week.
Bitcoin trade in Japanese yen accounted for nearly 46 percent of global trade volume, up from about a third a day ago, according to CryptoCompare. US-dollar bitcoin trade accounted for about 25 percent, according to CryptoCompare. Bitcoin trade in Chinese yuan and South Korean won accounted for about 12 percent each.
Full story at http://cnb.cx/2uUAFem
Source: CNBC
Bitcoin Surpasses $4,000 Due to Strong Japanese Demand: CNBC
The price of the digital currency Bitcoin has passed the $4,000 mark on Aug. 12, 2017, driven by strong Japanese demand, according to CNBC.
The cryptocurrency has traded as high as $4,000.93, up by seven percent from its previous high of $3,941 and currently trades at $4,184 as of press time.
The price of the virtual currency has now increased by fourfold in 2017, with an increase of around 40 percent in August alone. The market value of the cryptocurrency has also risen to about $64 bln.
Meanwhile, the trading of Bitcoin in Japanese yen has accounted for almost 46 percent of total trade volume worldwide.
Full story at http://bit.ly/2uzQ7Bm
Source: CoinTelegraph
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