Despite the Chinese government’s crackdown on initial coin offerings (ICOs) and cryptocurrency exchanges, local traders have invested in Bitcoin with a huge premium during its recent rally.
As Cryptocoinsnews previously reported, the Bitcoin price achieved a new all-time high at $5,920 last week, moving closer to the $6,000 region. Analysts including billionaire hedge fund investor Mike Novogratz predicted the Bitcoin price to surge even further in the mid-term, as an increasing number of institutional investors engage in cryptocurrency and Bitcoin trading.
On October 16, the Byzantium hard fork was locked in at block 4,370,000. Consequently, the price of the Ethereum network’s native cryptocurrency Ether surged by over six percent.
1200 blocks into Byzantium so far so good. Difficulty almost fully readjusted, block times already back below 20s. https://t.co/4oxHwA1Uhh
— Vitalik Buterin (@VitalikButerin) October 16, 2017
Benefits of the Byzantium Hard Fork and Recent Ethereum Updates
As Mohamed Abedelmalik, the Executive Director of Columbia Blockchain Lab, explained in his recently released paper, the Byzantium hard fork is expected to provide significant improvements to the Ethereum blockchain network in terms of privacy, scalability, and smart contracts efficiency, through the integration of practical cryptographic systems such as ZK-SNARKs.
Earlier today, on October 13, the price of Ether, the native cryptocurrency of Ethereum, surpassed the $340 mark for the first time since August 31.
In August, Cryptocoinsnews reported the price of Ether was moving closer to the $400 region, with upward momentum supported by optimism around the South Korean and Chinese cryptocurrency markets.
Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, recently revealed that the number of Bitcoin users approximately doubles every 12 months.
Utilizing Google Trends as one of the main indicators of Bitcoin user growth, Woo formed the following infographic to demonstrate the exponential growth rate of the Bitcoin userbase.
On October 13, the market cap of Bitcoin surpassed that of Goldman Sachs after a meteoric rise in the past three days. With a market cap of $95 billion, Bitcoin surpassed Goldman Sachs by more than $3 billion.
Goldman Sachs, the second largest investment bank in the world, has sustained a market cap of $92 billion throughout the past 12 months but has struggled to demonstrate an increase in growth in terms of market cap.
Earlier today, on October 13, the Bitcoin price achieved a new all-time high for the third time in the past two days, briefly surging to $5,920.
But, subsequent to achieving the new all-time high, the Bitcoin price experienced a minor correction, likely caused by the sudden surge in the price of Bitcoin in the past two days, from $4,500 to $5,920.
Earlier today, on October 12, CCN reported that the Bitcoin price had achieved a new all-time high at $5,150. Within the past few hours, the Bitcoin price has increased from $4,150 to $5,419, establishing a new all-time high again.
Since October 11, in a 24-hour span, the Bitcoin price surged from $4,750 to $5,384, recording a staggering 13.
Earlier today, on October 12, the Bitcoin price experienced a sudden surge in price, demonstrating an overnight increase in value of 8 percent, from $4,780 to $5,220.
On October 11, Cryptocoinsnews reported that the Bitcoin price had recorded a slight correction from $4,900 to $4,780, after increasing by over $530 in a span of three days.
After demonstrating a rapid surge in value in the past three days, the Bitcoin price has recorded a slight correction, decreasing from over $4,900 to $4,780.
Despite the correction, since October 8, within a span of three days, the Bitcoin price has increased from $4,450 to $4,780, sustaining strong upward momentum as a result of growing confidence from investors and traders over Bitcoin’s short and mid-term growth.
Earlier today, on October 10, the Bitcoin price surpassed $4,893, demonstrating strong upward momentum and confidence from investors over the global Bitcoin market.
In a span of three days, since October 7, the Bitcoin price surged from $4,300 to $4,893, recording a staggering $593 increase in a relatively short period of time.
Chris Burniske, a parter at cryptocurrency-focused venture capital firm Placeholder and former cryptocurrency investment lead at ARKInvestment, revealed that 80 percent of the total supply of bitcoin is now outstanding and that its hyperinflationary period is behind it.
Dissimilar to most currencies and assets, bitcoin is a deflationary currency because of its unique monetary policy.
Tuur Demeester, a prominent bitcoin investor, analyst, and editor in chief at Adamant Research, believes the bitcoin price would surpass the $5,000 mark if support towards SegWit2x declines in the next few days.
China May Resume Cryptocurrency Trading But What About SegWit2x?
Since early September, the bitcoin price has struggled to recover beyond $4,500 due to uncertainty surrounding the Chinese cryptocurrency exchange market and SegWit2x.
Earlier today, on October 5, the cryptocurrency market and the majority of leading cryptocurrencies including bitcoin, Ethereum, and Litecoin endured a major correction, declining by over 4 percent in value. Particularly, the bitcoin price underperformed relative to other cryptocurrencies, dropping from $4,450 to $4,250 within the past three days.
On October 4, the bitcoin price sustained stability at the $4,250 margin, with upward momentum created by the authorization of Japanese cryptocurrency and bitcoin trading platforms.
Following the exit of the Chinese cryptocurrency exchange market caused by the Chinese government’s imposition of a nationwide ban on cryptocurrency trading platforms, Japan and South Korea have evolved into major bitcoin exchange markets and industries.
Emergence of Japan and South Korea as Major Bitcoin Markets
According to various cryptocurrency market data providers including CryptoCompare, Japan has secured 56.
Earler today, on October 3, the value of most cryptocurrencies in the market declined, as ethereum and bitcoin price dropped by more than 3 percent.
The price of bitcoin declined from over $4,430 to $4,280 within the past 24 hours and the price of Ethereum struggled to remain stable at the $300 margin, falling below $290.
Other cryptocurrencies including Ethereum, Ripple, Bitcoin Cash, Litecoin, Dash, NEM, and NEO also endured a minor correction, with some recording over an eight percent decline in value.
The bitcoin price pulled back on Tuesday, dipping nearly $200 to put a pause on its week-long rally. The ethereum price retreated by a similar degree, causing the wider markets to contract by more than $6 billion.
Chart from CoinMarketCap
On Monday, the combined value of all cryptocurrency market caps surpassed $150 billion for the first time in nearly three weeks.
Over the past week, the bitcoin price has fully recovered from the Chinese government’s nationwide ban on cryptocurrency exchanges. Earlier today, on October 2, the price of bitcoin surpassed $4,430, nearing the interim target of $5,000 by most analysts in the bitcoin sector.
Since September 22, bitcoin has demonstrated a rapid rate of recovery, rebounding from $3,500 to $4,430 in a span of less than two weeks.
Earlier today, on September 29, the price of bitcoin and Ethereum declined by nearly three percent and seven percent respectively due to the South Korean government’s ban on domestic initial coin offerings (ICOs).
Cryptocoinsnews reported that the South Korean Financial Services Commision (FSC) officially announced its short-term plans of banning “all forms” of ICOs that are conducted by companies within South Korea.
Within the past 24 hours, the price of Ethereum’s native currency Ether increased from $285 to $315, surpassing the $300 margin for the first time since September 12.
On September 1, the price of Ether closed on the $400 region, surging to $390 at its peak.
Various trusted sources including CryptoKorean revealed earlier today, on September 28, that one Bithumb employee allegedly disclosed Bithumb’s plans to integrate ZCash and Qtum. Screenshots of the conversation between the employee and an anonymous individual surfaced on popular cryptocurrency and bitcoin trading forums in South Korea.
Insider Trading of ZCash, Bithumb Employee Reveals Integration Plan
The Bithumb employee went as far as to share an official Bithumb document on the launch of Zcash, which was distributed to employees and developers working on the integration within the company.
Earlier today, on September 27, the bitcoin price recorded a five percent gain within a 24-hour period, increasing from $3,930 to $4,115.
Bitcoin analysts and long-time traders including Tone Vays and Squeeze have reaffirmed their short-term interim targets of $5,000.
Today, on September 25, bitcoin price surged from $3,690 to $3,950, recording a staggering 7.11 percent increase over the past 24 hours. Analysts attributed the overnight surge in the price of bitcoin to the intensifying conflict between the US and North Korea.
Major Factors: Global Markets Volatility Caused by US-North Korea Conflict
Earlier today, North Korea’s foreign minister Ri Yong-ho held an abrupt press conference in New York, accusing the US President Donald Trump of declaring war against North Korea.
Today, on September 23, the bitcoin price increased from $3,600 to $3,738, recording a daily increase of 4.88 percent. At today’s peak, the bitcoin price surpassed the $3,800 mark, showing signs of recovery from the largest price correction.
On September 20, less than three days ago, the price of bitcoin and most of the cryptocurrencies in the global market declined significantly.
Earlier today, on September 21, bitcoin price dipped below $3,900 after demonstrating strong signs of recovery on Monday.
On September 19, Cryptocoinsnews previously reported that bitcoin price surged to $4,040, increasing by over $440 in a 24-hour period.
Earlier this week, prominent bitcoin trader and investor Tone Vays provided technical analysis on bitcoin’s short-term trend, major price correction following the nationwide ban on Chinese bitcoin exchanges, bitcoin’s swift recovery, and the long-term future of bitcoin.
The analysis of Vays demonstrated the potential of bitcoin price to surpass the $100,000 mark by the end of 2018, which would provide bitcoin a multi-trillion dollar market cap.