Bitcoin headed to $5,000 or $6,000?: Oct 16 – 22, 2017

Another all-time high, another exciting week for Bitcoin. Last week saw the volatility and sharp moves that make cryptotraders purr and they’ve welcomed its return.

Bitcoin managed to break through to another new high and dragged many of the other cryptos with it, albeit not with the same percentages. Ethereum saw a 12% climb but isn’t even close to its highs which many attribute to its lack of exposure to the mainstream of crypto investments. Although many ICOs are based on the Ethereum blockchain it seems that the hype and popularity of Bitcoin as the flagship of the online currency movement isn’t showing any signs of quieting down.

Most explain the surge of over 20% with the introduction of instant buying by Coinbase, the exchange most popular in the U.S., while others are focusing on the upcoming forks as upgrades and improvements that will make Bitcoin even more popular.

Litecoin and Ripple also joined the party, both recording considerable jumps. The former almost mirrored Bitcoin with around 20% in gains, while the latter was more modest with an uptick of 10%.

The last few hours have seen Bitcoin trade around $5,600 so it will be curious to see if a correction will set in to the last round number at $5,000, or we’ll see another push from the bulls to $6,000.

Bitcoin headed to $5,000 or $6,000?: Oct 16 – 22, 2017

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Kane Dane