Economy

To the moon: In a record-breaking run, Bitcoin surges toward $6000

To the moon: In a record-breaking run, Bitcoin surges toward $6000”

Bitcoin is up over 480 percent year-to-date.

The price of Litecoin surged almost double digits as traders found a bottom in the market and traded on volume levels that almost matched Ripple and Bitcoin, two cryptocurrencies with much larger market capitalizations.

Surpassing the market cap of Goldman Sachs was a major milestone for Bitcoin and it is rapidly approaching towards the $100 billion mark.

Bitcoin's value is taking a wild ride.

Case in point, bitcoin's price rally this week also comes in the wake of Russian president Vladmir Putin's comments criticizing the digital currency in regards to a meeting held on Tuesday (October 11) about cryptocurrencies.

The market capitalization of all 1,165 cryptocurrencies now being tracked by Cryptocurrency Market Capitalizations, including bitcoin, has reached $179 billion. That is like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 iPhones sold. "Bitcoin Gold" is the second proposed fork, one that essentially shifts bitcoin mining away from ASIC servers, those that use custom application-specific integrated circuits, and shifts the process of mining bitcoin back to graphics processing unit chips again.

As Bank of Finland explained in its latest research paper, Bitcoin operates its own economy and decentralized financial network.

A week prior to that, RBI Executive Director Sudarshan Sen had talked about the central bank's discomfort with Bitcoin, stating, "Right now, we have a group of people who are looking at fiat cryptocurrencies".

Bitcoin, the decentralised digital currency, seemed on the verge of disappearing after every scandal, crash or hack. Given the popularity and volatility of the currency, it makes flawless sense for banks to explore trading the product. In a matter of hours, Bitcoin's value tanked by more than $550, and it continued to drop for the remainder of the day. In Sweden, Dimon is accused of market manipulation due to "badmouthing bitcoin", while other reports noted that despite Dimon's words, JP Morgan Chase itself invests in bitcoin and bitcoin-related securities on behalf of clients as well.

Featured image from Shutterstock.



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