The price of the world’s most valuable cryptocurrency by market capitalization has hit a new high of over $7,000.
According to data from CoinDesk’s Bitcoin Price Index or BPI, the average price for a bitcoin hit a staggering high of $7,454. This represents a big change in price after the coin just surpassed a high of $6,000 only a few weeks prior.
The coin has gained a massive amount of over 500% during the course of 2017 alone and continues to climb. The climb on October 29th shows that the coin gained more than $200 in the course of 24-hours. This brings the market cap of bitcoin up to $106 billion.
At the time this article was written, the coin had dropped down to around $6,381.07, still up by 4.2% for the day. The other top-10 cryptocurrencies by market capitalization have gone up slightly, but bitcoin cash, one of the hard fork currencies resulting from bitcoin, dropped by a slight amount.
Bitcoin has continued to reach new highs after the month of September passed. September represented a downtrend in the price of the coin as China began to put legislative restrictions on the use of initial coin offerings as a way to raise funding. The country also limited the amount if not shut down, various cryptocurrency exchanges across the country, representing a large loss of liquidity in the market as some of the largest exchanges were in China. Rather than this resulting in a full price drop, the trading began to move to other countries with less stringent, if at all, regulation in the market. One of these countries was and continues to be Japan, where regulations are sparse.
Hopefully the currency will continue to rise at exponential amounts and result in higher prices for all.
Bermuda May be Launching a Cryptocurrency of Their Own
The company Unikrn Bermuda Ltd. out of Bermuda has recently debuted their latest in technology by launching a cryptocurrency.
The company is self described as a “regulated e-sports betting platform.” The company that is helping to produce the cryptocurrency is known as Conyers law firm, has helped to raise over $30 million in the form of a digital token.
The start-up was founded back in 2014 with investments from big names such as Elisabeth Murdoch and Ashton Kutcher. Back in 2015, the company got their first investment from the famous investor, Mark Cuban who owns the large NBA franchise, the Dallas Mavericks.
The company used smart contracts on the Ether platform using Ethereum to raise the money. The director of Conyers, along with several associates worked on the deal with the company.
The CEO of Unikrn, Rahul Sood stated that “we see a future where UnikoinGold is in the hands of millions of gamers and e-sports fans, ushering in incredible opportunities to use UnikoinGold inside and outside of Unikrn’s own properties.”
Chris Garrod stated that regarding the deal, “we were delighted to work with Unikrn on their launch. As technology platforms advance within the crypto-sector, we can expect to see more of these transactions. This is especially true as innovations in blockchain continue to evolve.”
The country of Bermuda is attempting to make important strides in working on supporting the technology sector. As some countries around the world are working on regulating and shutting the industry down, Bermuda is one of the few places that is working to increase the sector on such matters. Conyers stated that “it is expected that more technology-focused deals will take place on the island in the near-term, especially as the business capabilities made possible by blockchain technology become more commonly understood.”