The value of Bitcoin recently surpassed an all-time high as of the week of October 29th. The coin hit a value of $6,409.
The previous record for the coin came when it surpassed $6,000. Many thought that it would not make it this far given the amount of psychological barriers imposed by investors, so this is a large milestone.
The coin dropped slightly after, some attributing it to the recent hard fork that occurred in the market which resulted in the creation of “Bitcoin Gold.” One of the main theories is that people purchased a large amount of bitcoin prior to the fork, where they then offloaded it post-fork for the profit.
Another reason for the price increase could be the fact that the speculative nature of the coin had nothing to react to as news over the past few days regarding the coin has been sparse. The only news that has come out has been the same news as usual, some calling the market a bubble, and others doing the opposite, therefore, no new information has entered the market as of recent.
Even if there isn’t a reason behind the price increase, it is a good look for the currency. This lack of news could show that bitcoin has a solid base behind it to push the currency up in price as long as no negative news is influencing the price.
The first coin created from a hard fork back in August known as Bitcoin Cash, shot up by over 20% over the weekend, clearing the $300 mark for the first time in a while. With Ethereum reaching a market capitalization of $29.5 billion and bitcoin at over $100 billion, it does not look like the market is slowing down anytime soon.