Bitcoin price hits a new record of $6300

7 years ago - Published in Finance, Fintech Land, Technical Analysis

Another week, another all-time high for the world’s most popular cryptocurrency as bitcoin price peaks above $6,300. It has been 10 days since prices advanced to unprecedented levels above $6,200 and the growing adoption and appetite for bitcoin has propelled prices beyond $6,300 following another record-breaking weekend. In the late hours of Sunday (UTC), bitcoin price touched a new record high of $6,345.

While the factors behind the latest surge aren’t immediately clear, bitcoin’s increasing prominence in the mainstream under the spotlight as an investment instrument showcasing remarkable gains have pushed investors’ interest globally. The new record high means bitcoin’s value has grown over 530% since the turn of 2017, after hitting $1,000 on January 1.

Other cryptocurrencies have also soared in the wake of bitcoin’s surge. Ethereum, the world’s second-most traded cryptocurrency, traded at $306.51, up by 3.4% in the last 24 hours. Bitcoin Cash registered the biggest gains from among the top 10 most-traded cryptocurrencies, rising by as much as 14.28% in the last 24 hours, trading at $522 at one point. At 23:05 UTC on Sunday, it was trading at $469.25. On an overall basis, the cryptocurrency market was worth $178 billion.

Online publication Coindesk cites an uptick in search for bitcoin prices as a possible reason for increased prices. “Data from Google Trends indicates searches for “bitcoin” and “bitcoin price” are also nearing all-time highs, suggesting this exposure is perhaps translating into new awareness and investment in the protocol,” the publication writes.

Bitcoin’s price has reached highs on the back of bullish assessments by analysts and increasing awareness of its utility by governments across the world. For example, Ronnie Moas from Standpoint Research suggested last week that bitcoin’s market capitalization will overtake that of Apple within the next five years. Apple is currently valued at $842.19 billion in the markets. According to some reports, there are also indications that bitcoin trading may resume in China.