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Bitcoin’s Price Races Past The US$6,000 Dollar Record-High Mark (Oct/Nov: No. 4)

Bitcoin’s dollar value from October 29 to November 1; saw the Bitcoin’s price race past the $6,000 dollar benchmark line in the surging bull market; and the BTC’s price seriously consolidate around the $6,500 level.

A lot has happened in the Bitcoin world (and to the BTC price); since my last article on daily Bitcoin’s BTC prices; that brought you, up to Saturday, October 28. Also as you continue reading this article on Bitcoins; bear in mind that the Bitcoin (BTC) US dollar price at the beginning of the year 2017; was just below $1,000.

The Current Bitcoin Price in US Dollars (From October 29 – To – November 1)

On Sunday, October 29, 2017; Bitcoin (the world’s largest cryptocurrency) went up again reaching yet a new all-time high of $6,309 (for each Bitcoin bought or sold). This $6,309 price saw the Bitcoin (BTC) value race pass its previous high of $6,183, which was set on October 21. Later, on Oct. 29; BTC averaged at $6,218.

On Monday, October 30; The Bitcoin/U.S.Dollar (BTC/USD) rate held its ground as global volumes grew with buyers, market-makers, exchanges and BTC miners all consolidating their positions. That day BTC averaged around $6,220 to $6,301.

On Tuesday, October 31; At around 2.00pm, the Bitcoin’s rampaging price crossed the $6,400 line for the first time; as it raced swiftly onwards. The price of each Bitcoin that changed hands on that day did so, for an average of $6,415 across global BTC exchanges.

This new BTC price of just over $6,400 was yet again an new all-time record high; as the huge profit returning to investors continued to swell, and more substantial profit-taking opportunities mounted up.

On Wednesday, November 1; The Bitcoin’s racing price climbed onwards – once again smashing expectations. In the morning (by 11:00 UTC time), each BTC’s price had reached $6,600. Later on, in the day; the Bitcoin/U.S. dollar (BTC/USD) exchange rate consolidated around a very robust $6,510 for each Bitcoin sold, or bought.

Brief BTC Marketplace Analysis (up to Nov 1): 

Overall, the BTC soaring price has now gone up more than 500 percent, since the start of this year (2017); when it was trading below $1,000.

BTC’s climb on Tuesday, October 31 to around $6,400; represented a gain of more than $200 (on each Bitcoin) in a 24-hour trading period – a gain of around 5 percent on the day.

This BTC price makes the current bitcoin’s total market capitalization to be around $106 billion. 

The rapid race and fast climb of the BTC’s price is expected to continue, to – well over $7,000 US dollars in the very short term. This expectation is due to various reasons, such as:

a) the rosy outlook from the current spectacular prolonged Bull run, which shows no signs of abating;

b) the BTC industry’s hot news on the forthcoming benefits of the possible SegWit x2 fork that is due anytime soon; and –

c) the growth driven by the huge investment volumes from institutional players and key market-makers.

Bitcoin’s record bull market rally continues accelerating. Returns on the bitcoin’s price has raced past every other form of investment in 2017; and the value of each Bitcoin now exceeds an unprecedented 500 percent return, since January this year.

TO BE CONTINUED. – Copyright: Daniel Obiago, 2017

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Written by Daniel Obiago

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