Bitcoin Sets Another New Record, Breaks $9,000. Ethereum Soars to New All-Time High

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Updated: Nov 26, 2017, 08:47 GMT+00:00

The price of Bitcoin continued its usual volatile movements as it managed to trade near $9,000 as demand for the cryptocurrency remained strong. Bitcoin

The price of Bitcoin continued its usual volatile movements as it managed to trade near $9,000 as demand for the cryptocurrency remained strong. Bitcoin moved sharply to break $9000, Ethereum followed and trade at $456.

Bitcoin has been on a wild ride in the past two weeks, with price movements that some days exceeded $500. The digital currency set a new record high at $8,354 last Tuesday, before dipping below $8,000 for a brief moment the following day.

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The digital currency maintained a stable trading range yesterday before losing over $200 during early trading hours today. However, the drop did not last for long as the price surged to a new record of $9060 a few hours later.

The gain appears to stem from growing confidence in Bitcoin and higher demand for digital assets. One of Bitcoin’s alternative virtual currencies, Ethereum, reached $456, which marked a new record high. The new record followed a surge of more than 15% over 24 hours.

One reason behind the powerful surge was Mike Novogratz, a former hedge fund manager who currently uses his wealth as a billionaire to invest in digital currencies. Novogratz, who previously had a bearish stance on Ethereum, signaled during an interview earlier this week that he turned bullish, and now he expects the cryptocurrency to hit new highs of more than $500 before the end of the year. He also predicted that Bitcoin may end 2017 at more than $10,000.

Bitcoin Cash, which is another alternative that was created after a hard fork from the original Bitcoin in August, jumped by more than 25% since yesterday to reach more than $1,600. The catalyst was mainly due to higher demand in South Korea and fresh integration of Bitcoin Cash into the Bitstamp exchange.

Following new records set by Ethereum and Bitcoin Cash surge, the overall market capitalization for digital currencies also posted a new record after rising 4% to more than $255 billion over the past 24 hours.

BTC/USD traded at 8,978.1 on the Bitstamp exchange at 08:40 GMT on Sunday morning, the pair’s highest level since November 21.

ETH/USD was at 456.4, the pair’s highest level in history.

BCH/USD reached 1.669.8, which was a new record high for the pair. BCH/USD began the day at 1.666.4.

This post was originally published by EarnForex

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