Shell Energy Entrepreneurs banner Yudala banner
Bitcoin hits fresh all-time high of $6,000

By Barry Eitel, San Francisco on 21/10/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 566


Bitcoin surged to a new all-time high above $6,000 on Friday, sending its total market capitalisation above $100 billion for the first time ever.

The infamously volatile cryptocurrency was valued at roughly $6,021 per bitcoin at press time, according to bitcoin exchange CoinDesk. The price of bitcoin has soared nearly 25 percent since the same time last week.

On Wednesday, the value of bitcoin had fallen to around $5,175 after a Russian financial regulator said that digital currencies were “worse than casinos” during an address in Sochi.

Bitcoin was invented in 2009 by a software engineer, or group of engineers, going under the name Satoshi Nakamoto. No printed currency is involved; instead, a computer algorithm “mines” more bitcoin from existing bitcoin.

In September, bitcoin crossed the $5,000 threshold for the first time in its history, but its value had shifted significantly day-to-day over the past two months. The recent surge means that bitcoin’s value has increased six-fold since Jan. 1.

The boost in market capitalisation means the value of all bitcoin is worth more than the gross domestic product of many nations.

“At almost $100 billion, bitcoin’s market cap is now greater than 91 percent of the companies in the S&P 500,” financial analyst Charlie Bilello wrote on Twitter Friday.

There did not seem to be a single immediately obvious factor behind the sudden surge. Over the past few months, financial regulators in China, the United States and Russia have disparaged bitcoin for its volatility. The statements usually cause a steep downturn in bitcoin’s value but a rapid rebound always followed. Investors appear to believe that the reluctance of world governments in accepting bitcoin is temporary.

While the value of bitcoin is nominally linked to supply and demand, hype has always played an outsized role, especially recently. According to forums for bitcoin investors, many proponents of bitcoin now believe that a market cap of $1 trillion is possible. (Anadolu Agency)


 

Source News Express

Posted 21/10/2017 8:26:17 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
ICPC drags civil servant to court for alleged...

MTN accountant arrested for stealing more than N546...

JOHESU gives FG ‘final ultimatum’, threatens indefinite strike...

Letter from Jesus Christ to churches in Nigeria...

Nigeria's foreign reserves drop by $257m in two...

Economy to improve after 2015 polls, says MPC...

'Missing $billions': Presidency battles Sanusi over alleged misinformation...

Buhari directs HOS to develop road-map for civil...

The secret of my success as Anambra Governor...

Agatha quits ‘Inside Out’ after 20 years as...

APGA crisis: Imo EXCO backs Okorocha on APC;...

Police confirm 22 killed in herdsmen attack on...

 

Latest News Court orders release of 475 Boko Haram suspects for rehabilitation Confession of a ritualist: I pay N10,000 for virgins' underwears FG deploys Agro Rangers to end herders-farmers’ clashes Lassa Fever: Delta places 24 under surveillance; confirms 3 deaths, 7 cases Get Shekau dead or alive, Buratai charges troops Dangote, others for Editors’ Plaza foundation-laying ceremony Air Peace passenger steals N1m on board flight, faces trial 2019: Niger APC endorses President Buhari, Governor Sani Bello •Receives 34,000 decampees IG deploys 3 additional Police Mobile Force units to Zamfara in bid to end killings Florida school shooting: Students to march on Washington Saraki invites child comedienne Emmanuella to the Senate NiMet predicts cloudy skies for Monday

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (324,814 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (316,358 views) Shameless Genevieve Nnaji exposes breasts in public (252,962 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (207,643 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (194,056 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (186,647 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (162,183 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (145,543 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (139,796 views) Lagos plane crash: Journalist releases victims’ names (128,685 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (127,171 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (122,521 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business (2,894) Business Verdict (33) Columnists (802) Complaints & Requests (94) Enterprise & Opportunities (203) Entertainment (445) Features (548) Global Business Monitor (225) International (1,796) Interviews (143) Live Commentary (28) Love Matters (104) News (32,923) Opinion (883) Pidgin (10) Politics (4,503) Religion (677) Sports (1,433) Stock Watch (27) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement