Hi there, well it is the first of November and Bitcoin hit another record high surpassing $6,400, gaining more than 5% over the past 24 hours. So let’s take a closer look. Its market cap is currently over $107 billion and Bitcoin currently dominates more than 58% of the market. The total market cap climbed to a record high surpassing $182 billion. It plummeted below $100 billion on September 15th but since it has been back on track, continuing to climb higher.
Let’s take a look at Bitcoin Cash as it gained more than 11% over the past 24 hours climbing to $500. The last time we saw it break past $500 was on October 29th, it remained under $400 for most of October. Bitcoin Cash has a market cap of over $8 billion. Bitcoin Cash was created on August 1st and we saw it hit a record high on August 14th when it surpassed $900 since then it has been on a path of decline, but it has been looking a bit stronger over the past few days so can it continue this momentum or will we see it fall under $400 again?
According to Autonomous Next, more than 90 funds focusing only on digital assets have launched this year, so altogether there are around 124 of such funds. And in other news. economist Barry Eichengreen told CNBC this week that he believes central bank digital currency is the future. He does not believe bitcoin or any sort of cryptocurrency will play a major role in the economy in the future. He said, ”I think there is a role for central bank-issued digital currencies which are a very different thing than crypto, anonymous currencies, the first alternative central bank digital currencies will make transactions more efficient. The second one is a vehicle for money laundering, tax evasion and the like.”
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