Bitcoin Price Tears Past $5400 — Newsflash

Bitcoin Price Tears Past $5400 — Newsflash

Beijing's crackdown saw bitcoin's price plunge some 40 percent before recovering, the latest move in its rollercoaster existence which began in 2009, when it was worth just a handful of cents.

Not content with hitting above $5,000, bitcoin price has now shattered past the ceiling with a new all-time high.

What are your expectations from the ongoing Bitcoin boom? This was a huge setback to the industry which led to around 30% fall in the bitcoin prices in a matter of a few days.

So what explains Bitcoin's rise?

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.

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Week-on-week, BTC is up 18.75 percent, while month-on-month it's up 23 percent. Legal and logistical barriers make it hard to sell a newly created cryptocurrency for conventional currencies like dollars or euros. It started the year at "just" $966 and quickly spiked to more than $3,000 by June. A higher number indicates greater price volatility with 50 describing an average day. We expect the prices to reach the first target of $5200 and then proceed towards the $5500 mark and then we can expect some consolidation as the market awaits the hard fork next month.

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.

A final factor driving Bitcoin's growth: increasing interest from mainstream financial institutions.

While Bitcoin is far and away the largest cryptocurrency, 11 other coins have a market cap in excess of $1 billion, reflecting increasingly diverse trading options.

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