New Bitcoin Price $7,500 All-Time High, Remains Firmly Positive

With an increase in Bitcoin’s value of $1400 during the previous week, bitcoin does seem to be showing signs of slowing down today. The current $7,500 all-time high is set as the next new pre-rally resistance level, with the $5,646.18 weekly low, now sticking out among the many available support levels. The previous $7,350 all-time high has failed to stand firm as a support. Bitcoin is currently trading at $7429, near the all-time record high.

Total cryptocurrency market capitalization has crossed over $200 billion, and bitcoin is dominating 61.4% of this wider market. This is a substantial increase from the June low when the first cryptocurrency briefly hovered around a 37.81% market dominance.

MIT Technology Review just released an interesting article on the bitcoin community, drawing parallels and commenting on how it somewhat relates to a religious experience for many of its users.

"In Zeroes & Ones We Trust?: Money, Religion & #Bitcoin" #ACR2017 pic.twitter.com/YZKZCS9rrr

— Mariam Humayun (@MariamHu) October 29, 2017

The State Bank of Vietnam, Vietnam’s central bank, has completely banned and deemed the use of cryptocurrencies illegal. This was preceded by the Indonesian Central Bank outlawing bitcoin just a few days earlier. However, so far both of these developments do not seem to be affecting the price of bitcoin as of yet.

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Furthermore, November 13 is determined as the juncture of the BCH hard fork, and should be marked down as an important date as well. The rise of the bitcoin cash price was the main catalyst for this radical move. The primary focus will be on repairing the presently broken difficulty adjustment, that is causing a plethora of problems for miners.

The SegWit2x bitcoin fork is estimated to occur before November 15, and apart from the bitcoin silver December fork (which some in the crypto community are technically calling an airdrop), there is the impending Coinbase release of bitcoin cash, support for the currency is expected no sooner than January 1.

What software will be considered #Bitcoin on December 1st?

— Bryce Weiner (@BryceWeiner) November 1, 2017

The Bitcoin Investment Trust (GBTC) is garnering a lot of attention these last few days too, with stellar price performance being fueled by bitcoin’s explosive growth and speculation, in addition to the expansive mainstream media coverage on all things crypto.

Bitcoin began trading from the $6,337.1 daily low on November 1 (GMT 04:00). After a stellar run-up, a new $7,500 all-time high was recorded on November 3 (GMT 09:00). The price has retracted slightly since then but Bitcoin continues to trade firmly.

This post was originally published by EarnForex

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