Crypto Frontline

Bitcoin Reached 6000$ Milestone

Bitcoin Reached 6000$ Milestone

October 21
20:39 2017

At the middle of last week, bitcoin managed to hit a new historical level and people are now wondering how far it will continue to go. Thus far the maximum price level had been 6162, but given the fact that for the last two days the bitcoin price had only managed to retreat lower just mildly, there could be more upside potential in the near future.

Bitcoin not hurt by recent ban in China and South Korea

Even though in early September bitcoin exchanges and Initial Coin Offerings were banned in China and bitcoin price dipped from a high of 4900 to 2946$, the market managed to pick up again and the price rebounded, broke above the 4900 high and managed to reach a staggering price of 6000$.

Looking at our chart below, you can see that the dip generated by the China ban pales in comparison with the move that followed, confirming that the bulls are still eager to buy the cryptocurrency. Bitcoin continues to lead the virtual currency industry, with a 57.6% share of the entire market.

bitcoin chart

It seems like cryptocurrencies are getting attractive for investors across the globe as they are beginning to think that blockchain technology can truly serve as a way to transfer value.

Since no significant negative news came out thus far, the bitcoin price could continue to head impulsively higher, unless something unpredictable happens in the future.

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