Bitcoin reaches new high as it approaches $5300

Bitcoin reaches new high as it approaches $5300

Believe it or not, a single bitcoin is now worth over $5,000. Perhaps another sobering fact is that Apple Inc was worth $94 billion in 2009, that is almost 3 billion dollars behind Bitcoin at its current market capitalization. Litecoin now ranks as the fifth most valuable cryptocurrency, trading at just under $60.

One satoshi is ฿0.00000001 or to put it another way, a bitcoin can be split into 100 million units.

RT.com tweeted that Bitcoin's market capitalization is now approaching $97 billion - a staggering figure for the open source, decentralized alternative currency.

A second theory is that investor confidence was boosted when Bitcoin successfully split into two earlier this year, resulting in the creation of a cheaper offshoot called Bitcoin Cash.

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The alternative currency spiked more than 8% on Thursday, surging above the $5,000 barrier. Judged by the NVT metric, the price may well have much further to go, although it's not quite as simple as that. This is because it is hard to ascertain how many transactions are related to speculative trading and exchanges doing business between themselves, as opposed to transactions to buy goods and services from merchants. According to a news report, bitcoin trading in China is likely to resume with more regulation this time.

With the Chinese Communist Party Congress opening on 18 October, industry watchers expect it to be followed by further announcements regarding the regulatory landscape for digital currencies in the country, which could be positive for crypto prices.

Could Bitcoin Just Be a Giant Bubble and Is it Really a Bad Thing?

Making sure users have enough money in their account to actually afford their purchase is important because Coinbase won't be placing any holds on instantly purchased cryptocurrency, meaning a user will be able to buy bitcoin and transfer it off exchange before the ACH withdraw is actually completed. It traded as high as $5,188. The exchange explains that the availability of this option will be expanded in the coming months. The value of an investment may fall.