Bitcoin reaches new high as it approaches $5,300

By Greg S ยท 13 replies
Oct 12, 2017
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  1. Breaking a previous all time high of just over $5,000 in September before falling back down in price, Bitcoin has surged on. With a current market cap of approximately $88 billion, Bitcoin now has a larger market capitalization than the GDPs of nearly three quarters of the world.

    After the beginning of 2017, Bitcoin has had a daily trade volume of more than $100 million. This latest surge in price has occurred as fears of Chinese regulators blocking cryptocurrency exchange sites have dwindled.

    Up over $1,000 since last month, Bitcoin has risen over 25% within the last 30 days. Although it may seem tempting to buy cryptocurrencies in hopes of massive returns, the risks are very high. Cryptocurrency markets can fall just as quickly as they rise making it difficult for novice investors to cash in on the frenzy.

    There have been numerous peaks and valleys along the way for Bitcoin as well as other cryptocurrencies, not to forget problems with exchange websites either. Today also marks one month after JPMorgan Chase CEO Jamie Dimon declared that Bitcoin "is a fraud", although interest in cryptocurrencies has not declined for any of the company's clients.

    To see the latest statistics on Bitcoin and other cryptocurrencies, CoinMarketCap tracks the top 100 coins.

    Permalink to story.

  2. OutlawCecil

    OutlawCecil TS Addict Posts: 201   +96

    I've considered investing in Bitcoin and/or Ether and have been monitoring progress of it all. The whole Chinese ban came right when I was planning to invest and scared me enough not to. As I understand, everything dropped like a rock when it was announced there'd be a ban, but raised when they gave temporary "padding" time for people to get out of crypto-currencies. I'm afraid it's going to drop again when the ban is finally enforced again. Gah! I don't know anymore...
  3. VitalyT

    VitalyT Russ-Puss Posts: 3,548   +1,833

    That's your $5300, far


    But keep it up! That's just history lesson fall on deaf ears, as it often does.
    Last edited: Oct 12, 2017
    JaredTheDragon likes this.
  4. davislane1

    davislane1 Inquisitor Posts: 4,675   +3,697

    Asset prices go up and down. If buying the dip scares you, stay out of it.
    H3llion, yRaz and Reehahs like this.
  5. yRaz

    yRaz Nigerian Prince Posts: 2,215   +1,292

    It hit 5420 on my exchange. This has been a great day for trading crypto!
    DaveBG, H3llion and Greg S like this.
  6. H3llion

    H3llion TechSpot Paladin Posts: 1,344   +268

    Should of invested into smaller coins/technologies such as WTC (Walton). I had 800% increase from .69 to 6.5GBP and still keeping it. Only regret is not investing all my savings into it. Id have quater of a million now.
  7. H3llion

    H3llion TechSpot Paladin Posts: 1,344   +268

    I panic sold bids when I started of. Now I see them as discount "Steam" sales, just matter of picking up the right batch. Always buy the dips.
  8. davislane1

    davislane1 Inquisitor Posts: 4,675   +3,697

    Never regret this. Leverage cuts both ways.
    andrewdoyle88 likes this.
  9. H3llion

    H3llion TechSpot Paladin Posts: 1,344   +268

    Yeh but those savings went into my new workstation instead. I know its not the wisest sayings but I would of had 25k GBP profit, or hodl and increase it by 600% to 1800% within 36 months.
  10. Reachable

    Reachable TS Booster Posts: 120   +29

    The burgeoning world of cryptocurrency is one BIG HUGE denial. This is the most dangerous form of speculation that was ever invented. There's literally NOTHING behind it.

    "Yeah, yeah" you're saying. "Listen to this crank, this doomsayer, this negativist." But you know full well that it's ALL going to crash one day, and everyone will lose their shirt. Almost everyone -- not you, of course.

    I write this post in an undenied attempt to do my small little part in killing cryptocurrency NOW, before it expands further and obliterates more when it implodes.
  11. H3llion

    H3llion TechSpot Paladin Posts: 1,344   +268

    Sounds you have no clue what the **** cryptos are. There is a lot behind and each individual cryptos have different things to offer. Bitcoin, Litecoin, OmiseGO are great for transactions and asset keeping. Ethereum for decentrilised applications, smart contracts etc, Walton which I am currently deeply in is a combination of Transparency, Tracability with the use of RFID in manufacturing and any process which has many steps that you need to track (shipping, commerce etc).

    It may crash yes, if Governments impose stupid laws. It has been nearly a decade since Bitcoins launch, we are still here.

    Yes its a volatile market.
    Yes you can be ****ed over and loose money.
    Yes it needs to be fine tuned but we have gone through bubbles and dips.

    Its working, its not just "nothing" ... Go research, even tho, we know, you won't. #headinthesand
  12. Reachable

    Reachable TS Booster Posts: 120   +29

    The technology is actually very useful, I hear, and can be applied to numerous beneficial purposes. But when you invest in cryptocurrency you aren't investing in the technology (which would be a rational investment), you're just investing in speculation that others will invest. That, admittedly, is how the general stock market works, but in that case there's at least the pretense that you've bought something tangible or an applicable tool for services. Owning Bitcoin transiently to make transactions might make sense, but as a long term investment it can only be stupendously risky.
  13. H3llion

    H3llion TechSpot Paladin Posts: 1,344   +268

    I hear you, but, "as a long term investment it can only be stupendously risky" well it has proven good thus far and will for the next decade. I don't think it will last and the ultimate "currency" will be the one which utilizes all technologies and does them well. A Facebook/Google of crypto.
  14. Reachable

    Reachable TS Booster Posts: 120   +29

    That sounds reasonable. If it's beneficial to do some transactions in crypto rather than fiat currency then some form of crypto will persist.

    As the article states, Bitcoin has undergone tremendous increases in value. That's gotta be something like deflation. I don't know what that really means, what the ramifications are. I don't know if anybody does. Maybe people like you, those who had the knowledge first, who are at the forefront, will be rewarded for "seeding" the world economy with crypto. Maybe.

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