Newsflash: Bitcoin Price Tear Breaks $6,500, a New Record High

Journalist:
Samburaj Das @sambdas
November 1, 2017

Bitcoin price has just hit a new all-time high, breaking past $6,500 for the first time.

The momentum has stuck. Bitcoin price is now hitting at unprecedented levels after scaling the notable milestone of $6,500 on the first day of the month. At the turn of the year ten months ago, bitcoin’s trading value to the dollar touched $1,000 to ring in 2017. With today’s new record high, bitcoin has gained over 550% in value this year.

At press time, bitcoin price hit an all-time high of $6,548 on Bitfinex.

The world’s oldest cryptocurrency continues its concurrent all-time highs in recent days. On Sunday, bitcoin price pushed beyond $6,300 before hitting $6,400 yesterday.

The ongoing rally is fueled by the announcement of the CME Group, the world’s largest derivatives exchange, to list bitcoin futures contracts before the end of the year. There is a bullish sentiment that bitcoin is now available to institutional investors who will gain access to bitcoin in a fully regulated derivates market.

Data from CoinmarketCap pegs bitcoin’s market cap at $109 billion while the entire market cap for all cryptocurrencies has also scaled a new record high near $183.5 billion.

Featured image from Shutterstock.

Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas