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 Surpasses $7,300
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
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Cryptocurrency Benefits and Drawbacks
Cryptocurrencies make it less complicated to transfer price range among two events in a transaction; these transfers are facilitated via using public and private keys for security functions. These fund transfers are executed with minimum processing prices, allowing users to keep away from the steep fees charged by maximum banks and monetary institutions for twine transfers.
Valuable to the genius of bitcoin is the blockchain it uses to store an internet ledger of all the transactions that have ever been carried out using bitcoins, imparting a statistics structure for this ledger that is uncovered to a restricted hazard from hackers and can be copied throughout all computers running bitcoin software. Many professionals see this block chain as having important uses in technology, which includes online voting and crowdfunding, and major monetary establishments along with jp morgan chase see capacity in cryptocurrencies to decrease transaction fees with the aid of making fee processing greener.
But, because cryptocurrencies are virtual and do no longer have a valuable repository, a digital cryptocurrency stability may be worn out by a laptop crash if a backup copy of the holdings does no longer exist. When you consider that charges are primarily based on deliver and call for, the price at which a cryptocurrency can be exchanged for another forex can differ widely.
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