Bitcoin Surpasses $7,300 – Nov 2nd Cryptocurrency News

Bitcoin continues to hit record highs. It gained more than 11% over the past 24 hours, surpassing $7,300. Bitcoin’s market cap is more than $122 billion. According to coinmarketpcap.com it surged past $5,000 on October 12th and then climbed past $6,100 on October 21st.

Bitcoin Cash gained more than 18% over the past 24 hours and we saw it climb past $580. Bitcoin Cash has a market cap of over $9 billion. Bitcoin Cash was created on august 1st, we saw it hit a record high surpassing $900 on August 19th, it then fell a good bit lower and then on September 7th and 8th we saw it climb past $600. It then dropped all the way to $333 on September 15th. It remained below $400 for most of October, but over the past few days we saw it surge again, so will it be able to continue this strength?

FXTM’s Jameel Ahmad told the SunDaily that “There’s serious volatility in bitcoin. There are moments where bitcoin can drop by 5%-6% and obviously for investors, that is a huge concern. The significant risk around bitcoin and everyone who’s considering in investing cryptocurrency, you have to be aware of this risk. I’ve never seen an instrument or asset moves so much. It is rallying about 500% year-to-date.” Allianz Chief Economic Advisor Mohamed El-Erian shared his views on Bitcoin with CNBC stating, ”A currency serves as a predictable store of value, and serves as a medium of exchange that’s pretty stable in value as well — bitcoins aren’t that there yet, they’re still trying to find stability so it’s more of a commodity than it’s a currency”.

Bitcoin Surpasses $7,300 – Nov 2nd Cryptocurrency News

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Kane Dane