Bitcoin Forges New Highs as Prices Quadruple This Year


Bitcoin Forges New Highs as Prices Quadruple This Year

Posted on .

Bitcoin Forges New Highs as Prices Quadruple This Year


This article was posted on Monday, 09:51, UTC.

Bitcoin’s relentless surge continued over the weekend, with prices crossing $4,000.00 for the first time since the cryptocurrency was introduced back in 2009.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

BTC/USD: On to a New Milestone

The BTC/USD exchange rate reached a high of $4,190 for a new all-time record, according to Bitstamp.

After a brief pause, Bitcoin’s breathtaking rally resumed in mid-July. Prices have since doubled in value and are up nearly 300% on year.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The new record follows multiple all-time highs in the wake of the Aug. 1 hard fork – an event that was far less volatile than analysts had feared. What’s more, the transition to the new SegWit protocol, which was officially locked in last week, has been smooth.

Since fork day, the BTC/USD has eluded volatility and retained market share from rival Bitcoin Cash (BCH). The newly minted BCH has witnessed volatile swings since coming into existence. It was last up 3.7% at $323.00.

Bitcoin Well Ahead of the Pack

In terms of overall market value, BTC and BCH are ranked No. 1 and 4, respectively. Bitcoin’s market cap crossed $66 billion over the weekend. Bitcoin Cash was worth just over $5.3 billion. Eight other cryptocurrencies are worth at least $1 billion. The total value of all cryptocurrencies is approaching $140 billion, according to CoinMarketCap.

Though fundamental and geopolitical forces are expected to keep bitcoin prices elevated, the cryptocurrency is already “ahead of the pack” in terms of longer-term momentum. This suggests altcoins such as Ethereum, Litecoin and Dash may be better better options from a purely risk/reward perspective.

Japanese Buying Frenzy Drives Gains

Japanese traders continue to drive the bitcoin rally, with nearly 46% of global trade volume denominated in the yen currency. That’s up from roughly one-third on Friday. U.S.-dollar bitcoin trade accounts for roughly 25% of the market.

As of April 1, Japan has accepted bitcoin as a legal payment method. It is estimated that hundreds of thousands of Japanese stores will begin accepting the cryptocurrency as soon as this year.

ICO Frenzy Boosts Confidence in Cryptocurrency Market

Initial Coin Offerings (ICOs) are all the rage these days. Just last week, it was announced that the amount raised via ICOs in June and July topped the amount raised via early-stage venture capital.

Filecoin, a highly anticipated cryptocurrency, raised a staggering $180 million in a few hours.

Analysts say that the hype surrounding ICOs reflects growing confidence in the future of cryptocurrencies. Even on Wall Street, there is a sense of urgency to “get to the bottom” of cryptocurrency-as-an-asset. Hedge funds, wealth managers and institutional investors are devoting greater time and resources to understanding this new asset class.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

Feedback or Requests?

Sam Bourgi

Sam Bourgi

Sam Bourgi is Contributing Writer to, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.

  • user

    AUTHOR FalconX

    Posted on 8:02 am August 15, 2017.

    I can see BTC reaching $10k by the end of this year

  • View Comments (1) ...
    The team:
    Dmitriy Lavrov
    Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
    Jonas Borchgrevink
    Jonas Borchgrevink is the founder of and He is a serial entrepreneur, trader and investor. He shares his own personal journey on // -- Discuss and ask Read More
    Mate Csar
    Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
    Mati Greenspan
    Senior Market Analyst at // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
    Rakesh Upadhyay
    Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
    Pamela Meropiali
    Account Manager
    Pamela Meropiali is responsible for users on // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
    Joseph Young
    Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
    The price is going to bounce from 200.00 support level.…