Can the Price of Bitcoin Stay Above $7,000?
Thetotal market capitalisation of the global cryptocurrencyindustry is higher than ever,hitting $202,109,000,000 on November5th. Cryptocurrency prices have been skyrocketing all year,led by Bitcoin,which is still the most widely accepted and traded digital currency. Bitcoin reached the $7,000 threshold on November 2nd. Since then, Bitcoin hit an all-time high on November 5that$7,609.90, and analysts are debating whether it will stay above the $7,000 level.
The question is now whether Bitcoin investors will accept thiskey level as a new floor and allow its price to keep on rising.Whatever the answer, the increased interest in this asset class is good for traders. Several cryptocurrency brokers worldwide let you invest in Bitcoin and other altcoins to take advantage of their famously volatile price movements.
For example, with the UFX Cryptocurrency trading platform, you can invest in virtual currencies whether they are trending upwards or downwards, orif their price is holding steady.In other words, you’ll be able to take part in the biggest financial revolution for decades, regardless of the market’s direction.
After breaking through the psychologically significant$6,000barrier, the price of Bitcoinreached record levels last week. Some new investors are seizing the moment to enter the markets, hoping the upward trajectory will continue. Others now consider Bitcoin too expensive and believe they’ve missed the boat.
As Bitcoin keeps on reaching all-time highs, it’s worth asking: is $6,000 really thatexpensive? You can find local exchanges charging far more for Bitcoins,such as those traded on the Golix exchange in Zimbabwe, where on October 31st, the price hit $12,400.
In Zimbabwe, Bitcoins are more commonly used than in other countries, as they are widely accepted by many businesses. But this isn’t the only reason for theirsurging value. In 2009, the country adopted the US Dollar as one of its official currencies, following the demise of the Zimbabwean Dollar, but there are still not enough Dollars to meet demand. It is also hard for the people of Zimbabwe to spend USD outside their country. Bitcoin therefore represents a golden opportunity – some would say a safe haven – for their assets.
In countries affected by serious politicaland economic instability, Bitcoin offersan attractive alternative to traditional secure assets like Gold, sinceit isn’t controlled by any central bank or government, but by millions of users all over the world. Still, this increased appeal can create local price bubbles which ultimately affect the global price as well.
Bitcoin traders are also taking full advantage of the new wave of excitement surrounding blockchain technology, ICOs and the growing number of cryptocurrencies. With a limited supply of just 21 million Bitcoins in circulation, rising demand can only boost the price. Another bullish factor is the fact that the Chicago Mercantile Exchange Group (CME Group) is currently preparing to launch Bitcoin futures by the end of this year. After gaining more than 650% already this year, Bitcoin seems likely to continue its meteoric rise for some time yet.http://www.dailynewsz.com/can-the-price-of-bitcoin-stay-above-7000/http://www.dailynewsz.com/wp-content/uploads/2017/11/Bitcoin.jpghttp://www.dailynewsz.com/wp-content/uploads/2017/11/Bitcoin-300x300.jpgBusinessbitcoin,cryptocurrency