Bitcoin hits new all-time record high and goes above $4300

Cryptocurrency is Worth Watching

After climbing to $141.4 billion at about 4:00 UTC on August 15, the total value of all cryptocurrencies dove as low as $133.8 billion before leveling out at its current mark of $135 billion.

Ethereum, the other major cryptocurrency, is rallying too. After all, endowment plans look boring at 5% per annum, while Bitcoin has quadrupled its value over the year.

That new currency has attracted a small following, and retained a relatively stable value around $300.

These exotic new currencies are often offered for sale using Bitcoins, since it's often easier to exchange one cryptocurrency for another than to directly sell new cryptocurrencies for dollars. The rift in the Bitcoin community and subsequent spin-off to Bitcoin Cash could have adversely affected Bitcoin's valuation, especially since digital currencies are so volatile all on their own. And, of course, Bitcoin is not tied to the fate of any one country, as no government issues it. It is not clear if Bitcoin will continue its upwards momentum over the coming days.

Another digital expert, longtime stock researcher Ronnie Moas, who last month laid out his views on bitcoin's potential setting a price target of $5,000 for next year, now, given the bitcoin's hit of all-time highs over the weekend, raised his price target by $2,500 thus predicting Bitcoin's climb to $7500.

Global financial markets are under pressure from the escalating tension between the United States and North Korea. This split was backed by a majority of Bitcoin developers. Instead, it would be an actively managed ETF with investments in "Bitcoin-linked" derivatives. Could Bitcoin make that happen? As the value of the Bitcoin is determined by supply and demand you can't be sure that Bitcoin Cash will have the same USD/EUR/GBP exchange rate but you have nothing to lose by claiming your BCC. Look at its weekly performance and you will see that the virtual currency soared by some 20%. Matthew Newton, Market Analyst at trading platform eToro stated, "The price rise in bitcoin very closely mirrors the decline in Bitcoin Cash, indicating that investors are selling their Bitcoin Cash for Bitcoin", according to Fortune. If things look bad, few investors will be ready to buy (even if they are, it will be at an extortionate price). The spinoff went smoothly, and the mainstream Bitcoin network continued working as well as ever. In any case, this means that money committed to bitcoin is likely to stay that way.

Related News: