Bitcoin rockets past $5200 price to reach all-time high

13 October, 2017, 21:37 | Author: Regina Silva
  • Bitcoin soars above $5100 mark following good news from China

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.

Available on GitHub, the code has already been used to execute what startup Altcoin Exchange claims is the first so-called "Atomic Swap" between the biggest cryptocurrencies by market cap, Bitcoin and Ethereum, when they traded bitcoin with ethereum, between two different blockchains. Excited by the gains in BTC prices, other investors jump aboard to extract their own gains.

"The interest really stems from the media hype", he added.

But that was not enough to put investors off, with bitcoin rallying around 10 percent since then. This wait meant that users would often get frustrated because of bitcoin's inherent volatility - the price could fall (or rise) by 20 percent before you received your coins, but you were still locked into the price you paid five days earlier. As recently as December, bitcoin was trading at less than $1 000 dollars.

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Unlike a real-world unit such as the U.S. dollar or euro, bitcoin has no central bank and is not backed by any government. So, a team of cryptocurrency developers is open-sourcing technology that enables trust-less trading between a bitcoin and ethereum blockchains.

But after dipping below $3,000 in mid-September, Bitcoin has leapt in value by more than 75 percent in four weeks. Some are seeing that the Bitcoin bubble is yet to show more progress before bursting and running towards a downward spiral.

"For most currencies there are several accepted methodologies for estimating relative value, normally based on macroeconomic fundamentals", said EFG Asset Management's Global Head of Research, Daniel Murray. In fact, it might make holders of existing Bitcoins richer.

Not only was this delay frustrating but it could also cost investors the opportunity to invest in an initial coin offering (ICO) since most of these events require contributors to pay with ether or bitcoin.

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