Bitcoin Just Hit a New Record High; Crypto-Employment Is Also Up
Bitcoin just capped off another record-setting weekend, as prices reached the $6,300 plateau for the first time ever. There was no apparent reason for the latest surge, except that appetite for cryptocurrency remains elevated.
BTC/USD Price Levels
Bitcoin peaked at around $6,301 on Sunday, enough for a new all-time high. At press time, BTC/USD was up $404, or 7.1%, at $6,149. That gives bitcoin a market cap of roughly $101.6 billion, according to CoinMarketCap. There was no immediate catalyst for the weekend rally.
Bitcoin is a tad overbought, according to the Relative Strength Index (RSI). However, the oscillators should be used with caution when evaluating prices following a massive fluctuation.
The rally also rubbed off on Bitcoin Cash (BTH), whose developers turned their back on bitcoin in early August. BTH/USD rose 7.6% to $447, its highest in over a month. At present values, BTH has a market value of $7.5 billion, enough for fourth on the list of global cryptocurrencies.
Gains in these two coins brought the total value of all cryptocurrencies to $179.8 billion, which was also an all-time high.
Jobs related to bitcoin are the fastest growing category on Freelancer, according to the company’s CEO. The international freelancer hub saw crypto-related job postings surge 82% in the third quarter. A similar trend was likely observed on Upwork, a slightly more professional version of Freelancer.
“People are getting freelancers to design new types of cryptocurrencies,” Matt Barrie, CEO of Freelancer, told CNBC last week.
With bitcoin prices where they are today, it’s not surprising to see so much demand for developers, writers and marketers.
The uptrend in cryptocurrencies has been truly relentless. Prices are up across the board as investors take advantage of what appears to be a generational opportunity. This euphoria has also been reflected in the market for initial coin offerings (ICOs), which allow start-up companies to raise funds by issuing cryptocurrency. ICOs have generated more than $3.2 billion in funding this year, according to the latest data from CoinSchedule.
Featured image courtesy of Shutterstock.