Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Remains Above $8,000 After Trading Within $400 Range

November 24, 2017 at 11:49 by Yahia Barakah

The price of Bitcoin continued its usual volatile movements on Friday, but managed to stay above $8,000 as demand for the cryptocurrency remained strong. A single Bitcoin moved in a wide range of about $400 today, while other alternative digital currencies rose to set new records.

Bitcoin has been on a wild ride in the past two weeks, with price movements that some days exceeded $500. The digital currency set a new record high at $8,354 last Tuesday, before dipping below $8,000 for a brief moment the following day.

The digital currency maintained a stable trading range yesterday before losing over $200 during early trading hours today. However, the drop did not last for long as the price surged to more than $8,300 a few hours later.

The gain appears to stem from growing confidence in Bitcoin and higher demand for digital assets. One of Bitcoin’s alternative virtual currencies, Ethereum, reached more than $420 yesterday, which marked a new record high. The new record followed a surge of more than 15% over 24 hours.

One reason behind the powerful surge was Mike Novogratz, a former hedge fund manager who currently uses his wealth as a billionaire to invest in digital currencies. Novogratz, who previously had a bearish stance on Ethereum, signaled during an interview earlier this week that he turned bullish, and now he expects the cryptocurrency to hit new highs of more than $500 before the end of the year. He also predicted that Bitcoin may end 2017 at more than $10,000.

Bitcoin Cash, which is another alternative that was created after a hard fork from the original Bitcoin in August, jumped by more than 25% since yesterday to reach more than $1,700 today. This also marked a new all-time record, mainly due to higher demand in South Korea and fresh integration of Bitcoin Cash into the Bitstamp exchange.

Following new records set by Ethereum and Bitcoin Cash, the overall market capitalization for digital currencies also posted a new record after rising 4% to more than $255 billion over the past 24 hours.

BTC/USD traded at 8,240.1 on the Bitstamp exchange at 11:20 GMT on Friday after touching 8,330.5 at 08:10 GMT, the pair’s highest level since November 21. BTC/USD began trading today at 8,033.0.

ETH/USD was at 418.4, from 425.7 at 22:25 GMT yesterday, the pair’s highest level in history. ETH/USD started today at 410.4.

BCH/USD reached 1.669.8 after touching 1.761.9 at 01:06 GMT today, which was a new record high for the pair. BCH/USD began the day at 1.666.4.

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

Leave a Reply