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New Bitcoin High Sparks Mainstream Media Interest, Gold, Segwit

August 7, 2017 at 19:03 by Daniel Green

Bitcoin is showing no signs of slowing down, even amid the BCC fork drama, exchange collapses, and numerous other possible setbacks. Monday’s trading started off a little after midnight at $3,234.92, after which $3,187.87 was briefly revisited, and set as today’s daily low. This resulted in another run-up, above and beyond the previous $3,340 maximum price level, setting $3,430 as the new Bitstamp all-time high. The price is at present, successfully staying over $3,350, even though there appears to be a rather noticeable increase in selling volume.

The overall market cap for all crypto currencies is nearing $120 billion, with bitcoin standing at $55.5 billion, and altcoins taking up the leftover $62 billion. Ethereum is second in marketcap, right after bitcoin at a $25 billon market cap, Ripple is next at almost $7 billion, and at fourth place is bitcoin cash. Nem and litecoin are holding at around $2.5 billion. Ranked below them in marketcap are: ethereum classic, dash and IOTA. All three are currently above a $1.3 billion market cap.

Out of the previously mentioned, bitcoin cash and ethereum have been making considerable gains in the last few days, despite the explosive rise of bitcoin’s price and media exposure. Key market participants may be starting to slowly hedge against it all, with smaller investors following suit.

Furthermore, mainstream media is also more prominently mentioning the rise in price and capitalization. This could be a sign, that we may be closer to the top of this rally than we think. As to where this level actually is, still remains to be seen.

Curiously, gold has kept to a relatively stable range in the last 6 months, residing between $1,200 and $1,290 respectively. Coindesk has written an article confirming the fact, stating that bitcoin is now worth almost 3 times more than one troy ounce of gold.

Bitcoin, and understandably other crypto currency gains, could spill over into stocks, at least according to business insider. Although, it more likely that they are just going to migrate into fiat and other undervalued crypto assets/tokens/coins, once traders start pulling larger swaths of capital away from overheated markets.

On that note, a rather interesting info-graphic demonstrates possible stepping stones, that are going to have to be cleared, if crypto currencies as a whole, are going to stay relevant in future, and proliferate further across the planet:

One of the core reasons bitcoin is flourishing, has to do with the immutability of blockchain transactions, and to a certain degree, with the partial anonymity of them as well. The World Economic Forum begs to differ, citing that this may indeed prove to be a rather big stumbling block, on the road to wider adoption.

Segwit is expected to lock-in on Tuesday or Wednesday. The actual event is probably going to spark some price action and volatile market movement.

Bitcoin began trading today at $3,234.92 (GMT 00:00), and after securing a new $3,430 all-time high (GMT 12:00), settled down above $3,350.

If you have any questions or opinions concerning bitcoin, please feel free to use the form below to reply and/or comment.

4 Responses to “New Bitcoin High Sparks Mainstream Media Interest, Gold, Segwit”

  1. Rishabh Sharma

    Bitcoin will surely go to more height within the next few months.

    [Reply]

    Daniel Green Reply:

    A lot can happen in a week, let alone a few months, which is practically an eternity in the crypto space.

    I’ve just posted a new article, it should shine some more light on what to look out for moving forward.

    [Reply]

  2. Paul Panichas

    Why do people trust Bitcoin?

    [Reply]

    Daniel Green Reply:

    Transactions are permanent, and unlike typical credit cards there are no charge-backs. Not to mention that intermediaries can not intervene and restrict global trade. Hypothetically you could send funds to a freelancer in North Korea despite the sanctions and media pressure (or anywhere else on earth for that matter, for what ever purpose or service you deem fit).

    [Reply]

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