Bitcoin price crossed the $6000 barrier around 3pm GMT after days of being traded between $5100 and $5930. At the moment Bitcoin is traded around $6030 and $5920.
In the last 24 hours, Bitcoin has had a trading volume of $2.2 billion dollars with a Market Capitalization stable around $94 billion dollars. The last time that Bitcoin surpassed its highest record was in October 13th when the price arrived at $5856 dollars.
Why did Bitcoin arrive at $6000 dollars?
During the last weeks we have seen Bitcoin price climbing to new high records. This situation is created by the fact that on October the 25th we will experience a new Bitcoin hard fork. Investors know that if they have Bitcoin, then, they will receive an exact amount of Bitcoin Gold coins.
Investors were moving their money to Bitcoin as the fork was getting near. Bitcoin lost part of the market capitalization that it had at the beginning of the year. Bitcoin had 87% share of the cryptocurrency market capitalization in January. It touched 37% of the market share in June and now, after the recovering, arrives at 56% of the market. At the same time, other cryptocurrencies are losing the share the had gained until June, shows coinmarketcap.com.
This year, the highest trading levels were located in Japan, an open country for Bitcoin, United States and South Korea. In addition to that, countries with high inflation rates, like Venezuela, are starting to use Bitcoin to store value. We should also remember that, in September, China decided to ban ICOs and exchanges, making Bitcoin Price fall from $5000 dollars to $3000.
As CoinStaker reported before, institutional investors are coming the the cryptocurrency world. This year we have seen an incredible growth of ICOs, opening doors for new opportunities. And this is not the end yet. The next year would be a great year for ICOs and the cryptocurrency market that could arrive at $1 trillion dollars’ market capitalization.
Jamie Dimon and Mike Novogratz
A few days ago, we experienced a crossed fire between JPMorgan CEO, Jamie Dimon and Mike Novogratz, Wall Street’s mogul. Jamie Dimon said that Bitcoin and cryptocurrencies are a fraud and that will blow up.
Mike Novogratz commented about him saying that he is a “rent-taker” due to the role Jamie Dimon has as JPMorgan’s CEO. He has also said that Bitcoin is the biggest bubbles in our lifetimes.
Jamie Dimon’s daughter should be happy now. He confessed that his daughter bought two Bitcoins. Now they are worth $12000 dollars.
What can we expect for the next days?
After the hard fork on October the 25th, we could see investors returning to their old cryptocurrencies. Bitcoin price could be corrected by the market and could reach $5000 dollars in the weeks after the split. Cryptocurrencies that lost their value could start to grow up again. After this Bitcoin hard fork, investors that got the Bitcoin Gold coins could come back to their previous investment portfolios.
We should pay close attention to cryptocurrencies that had the biggest loses. Investors would search cheaper cryptocurrencies that could re-gain the value they had before this movement from alt-coins to Bitcoin.