$5856: Bitcoin Price Hits New Record High

$5856: Bitcoin Price Hits New Record High

$5856: Bitcoin Price Hits New Record High

As recently as December, bitcoin was trading at less than $1 000 dollars.

The $5,000 level is a significant milestone for bitcoin, as the valuation seems to indicate that those analysts predicting a price by year's end of anywhere from $6,000 to $10,000 per single coin may not be irrational. China, the hub of Bitcoin exchanges, banned the exchange of Bitcoin. The Bitcoin community faces ongoing acrimony over how to scale the Bitcoin network.

Bitcoin's continuing rise has so far silenced its critics, now presumably sat aghast at this behemoths rise.

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The virtual currency is created through blockchain technology, which publicly records transaction details including the unique alphanumeric strings that identify buyers and sellers - technology which is gaining increasing currency among banks and companies. Despite a falling Bitcoin price last month, ICOs raised more than $600 million in September, according to data from CoinSchedule. Legal and logistical barriers make it hard to sell a newly created cryptocurrency for conventional currencies like dollars or euros. As such, 2017 is now bitcoin's best performing year since 2013. The unprecedented highs keep on coming, and if investors such as Mike Novogratz are to be believed it is only a matter of time before Bitcoin hits $10,000 and higher. In fact, it might make holders of existing Bitcoins richer.

Customers who want to get their Bitcoin, Ethereum and/or Litecoin like this should know that instant purchases have a maximum limit of $25,000 - though Coinbase says that their individual limit may differ, depending on their account type presumably. Whatever might be the reason, it's interesting to see Bitcoin's journey.

For Neil Wilson, analyst with Etx Capital, "the prospect of Goldman Sachs trading bitcoin is also driving buying as this might give it a toehold on Wall Street that could bring it into the mainstream and attract fresh inflows of capital".

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