Week-on-week, BTC is up 18.75 percent, while month-on-month it's up 23 percent. If Bitcoin were a company it would rank 77th in Price Water House Coopers list of the global top 100 companies by market capitalization. At the time of writing, prices appear to be consolidating above the prior resistance of approximately $5,000 Dollars.
In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal. This latest surge in price has occurred as fears of Chinese regulators blocking cryptocurrency exchange sites have dwindled. Expectedly, China & South Korea's decision immediately sent Bitcoin's prices southwards.
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies.
Altcoin Exchange CEO Andrew Gazdecki told CoinDesk that the team set up the demonstration this way for "testing purposes", though the likely next step will be to trade bitcoin to ether for their respective USA dollar amounts or another fiat currency equivalent. The unprecedented highs keep on coming, and if investors such as Mike Novogratz are to be believed it is only a matter of time before Bitcoin hits $10,000 and higher.
It is very clear that a change in current business model of cryptocurrency exchanges is inevitable, as actual design is flawed, are far from practical end-to-end solution and relatively easy target for hackers!? Share your thoughts in the comments section below!
This post was syndicated from Bitcoin News.
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