Bitcoin (BTC) the most popular virtual currency in the market reached $6,500 dollars. This is Bitcoin’s highest price since October 21st. Other virtual currencies have also increased their value during the last days. The total cryptocurrency market capitalization reached $220 billion dollars according to CoinMarketCap. This is the highest value in almost a month.
Bitcoin Price Crosses $6,500 Dollars
After months of being in a bear trend, each new positive price action is received positively by the crypto market. Indeed, other individuals and experts were waiting for Bitcoin to reach new year lows. During the last 24 hours, Bitcoin reached $6,540 dollars, allowing enthusiasts to believe that it was possible to reach higher numbers.
This price increase has also been experienced by other virtual currencies. This price action was started by Bitcoin Cash (BCH). On November 15, BCH will be experiencing a network upgrade. There are two proposals that have the BCH community divided Bitcoin ABC and Bitcoin SV.
Why do investors place their funds in Bitcoin Cash if it will soon experience a hard fork? Well, because after the hard fork, users will receive an equivalent amount of BCH in the new chain.
Bitcoin Cash moved from $420 dollars up to $630 during the first week of November. This represents an increase of 50% in one of the largest cryptocurrencies in terms of market capitalization. As mentioned before, this price increase helped other digital currencies to register a price increase.
XRP, for example, moved from $0.45 to $0.55 during the last days, an increase of 22%. Ethereum, that had very weak projections for the short and middle term started November under $200 dollars and some hours ago it reached $220 dollars. That represents an increase of 20% in the same period of time as XRP or BCH.
At the time of writing, Bitcoin is being traded around $6,450 dollars. Ethereum is close to $213 dollars and XRP $0.5. Bitcoin Cash has lost 5.62% of its price in the last 24 hours. The momentaneous drop in the last hours could give new strength for the market to grow even further.
In the near future, the Bakkt platform will start operating and a Bitcoin exchange-traded fund could be approved at the beginning of 2019. Experts believe that this could trigger a new bull run in the market.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.