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Bitcoin Blasting Through All-Time Highs, Close to $7,000

November 2, 2017 at 4:10 by Daniel Green

Today, a new all-time high was recorded, this time at $6,915.26. The same value is yet again jointly shared, and is identical to the new monthly and weekly highs. Hourly volume does appear to be trailing a bit in the past few hours, but buying has outpaced selling if we observe a wider time frame (the last 48 hours). The 5-minute and 1-minute charts do paint a different picture though, and the rather violent dip to $6,722.53 may be a cause for worry. Either way, a push above $7,000 will render all these concerns moot.

The CME news was dominant in the mainstream media, at least until the new all-time high was touched. Bloomberg, CoinDesk, and many other media outlets have covered the latest hedge fund announcement. The BBC has begun to cite the price of bitcoin as well, reminding us all that we have now crossed over the £5,000 psychological price level.

The bitcoin whitepaper also turned 9 years old more than two days ago, so a part of this run-up can be attributed to the same. There is some cause for celebration, seeing as the first crypto currency has reached a $115 billion market cap. With close rival etheruem at just under $27 billion, bitcoin cash above $8.8 billion, ripple at $7.4 billion, and litecoin keeping stable slightly below $2.8 billion. Curiously, the whole crypto market has risen to whopping $190 market cap, and even a $200 billion target does not seem that far flung anymore.

Interestingly, there has been an influx of negative news relating to gold and gold purchases. A rather more surprising article has begun to draw a lot of attention, and it chiefly concerns officially certified gold bars that have been claimed as fake, filled with of all things, tungsten. If proven true, then the Royal Canadian Mint will have its hands full with restoring lost confidence. I would not be the least bit surprised, if many buyers end up looking for more reliable and alternative precious metal suppliers.

Amid all the hype, the Economist managed to release a fairly contrasting crypto currency article, which was to a degree, more objectively retelling the circumstances surrounding the ongoing bitcoin boom. Kenneth Rogoff, a Harvard economist, does not share in the euphoria as well. The rise is also being blamed on the overabundance of ICOs, although it is my impression that the trading of these tokens has essentially grounded to a halt.

Ever since the $5,366 daily low on October 25 (GMT 03:00), the growth of bitcoin has barely faltered. The uptrend has remained remarkably resilient aside from two pullbacks. The first ended on the October 28 daily low at $5,646.41 (13:00 GMT), while the second concluded on the October 30 daily low at $6,027 (GMT 15:00). The all-time high is $6,915.26, and it is the first foothold that needs to be shattered, before the rally can continue further. The second resistance level is at the obvious and glaring price point of $7,000.

If you have any questions and comments on bitcoin today, use the form below to reply.

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