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Bitcoin approaches US$10,000 record high

by Mark Tyson on 27 November 2017, 11:17

Quick Link: HEXUS.net/qadn5d

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In the last few hours cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have both been breaking ground, hitting new highs, and approaching valuation milestones. In short; BTC has approached US$10,000 (UK£7300) and Ethereum has approached US$500 in value within the last few hours.

In my charts, at the time of writing, I can see that BTC hit an exchange rate of US$9,732 at around 9am this morning. This represents an impressive gain of about 20 per cent since Friday. Remember, BTC started the year with a valuation of around US$1,000. Looking back at HEXUS headlines from earlier this year, we reported upon BTC surpassing $4,000 in August, and then it surprised us again, as it climbed past $6000 a little over a month ago.

Some had been predicting that BTC would hit US$10,000 by 2018. Now that target looks like it could be achieved before the New Year arrives. The valuation means that the market cap for Bitcoin is now over US$160 billion, so it's worth more than General Electric corporation (GE). The total market for cryptocurrencies is worth about US$300 billion.

Ethereum has breached a valuation of $493 today. On Friday it crossed the US$400 valuation that hadn't been beaten since June but its upward momentum hasn't faltered over the last fortnight. Rather than anything intrinsic to do with ETH, the value has seemingly climbed thanks to BTC's halo effect - cryptocurrency investment sector growth.

It's difficult to know whether investing in these cryptocurrencies is still a good idea. Have non-investors missed the boat? Whatever the answer, there's definitely volatility ahead in both BTC and ETH prices and someone will make money from that.



HEXUS Forums :: 35 Comments

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A few months ago I predicted doom and I have, so far, been proved wrong but, I still don't see the ever increasing value of Bitcoin being sustainable long-term.
bitcoin is heading for a massive bubble and people are getting sucked in.

Buy now at £7k and it will be worth £15k a month from now…
The bubble may be getting bigger, but it is still a bubble, there is no tangible physical worth to value against crypto-currencies, add in the pressure from governments to stop this overtaking the central banking systems and it is most definitely a ticking time bomb. Some people are set to make a lot, some are set to lose everything. Once the process of the “next fool buying at a higher price” comes to a stall (the only thing keeping this thing floating), this will collapse. If you are sitting on bitcoins, my advice is get rid whilst you still stand to gain, you may kick yourself in a month or so if it goes even higher, but it is better than losing it all when it does go bust.
Friesiansam
A few months ago I predicted doom and I have, so far, been proved wrong but, I still don't see the ever increasing value of Bitcoin being sustainable long-term.

Replace “Bitcoin” with “housing” and your point is just as valid.

My chief concern with cryptocurrency is how on earth would you cash out these paper gains?
spacein_vader
Replace “Bitcoin” with “housing” and your point is just as valid.

My chief concern with cryptocurrency is how on earth would you cash out these paper gains?

But at least with housing you have a tangible asset which historically has never lost value for long (And is in short supply). Bitcoin and the like are valued for values sake and having nothing to back them up (even $/£ have governments to back them up). This one will crash - its just a case of when. If anyone ever finds a flaw in its implementation a lot of people will get poor fast…