Home » Bitcoin: Is Sky Rocketing-Reached All Time High Above $1700

Bitcoin: Is Sky Rocketing-Reached All Time High Above $1700

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It’s been in the news consistently after Bitcoin crossed gold price, now it is continuously surging and reached its all-time high on Tuesday, there is growing demand for blockchain technology and the creation of crypto-assets, money raising for startups through this technology is becoming more and more popular.


Bitcoin hit the record high reaching $1760.40 BTC=BTSP on the BitStamp platform, it was last closed at $1747.89. During this year Bitcoin has increased its value by 80%. According to the reuters Bitcoin’s market capitalization was soared to $5.2.5 billion on Tuesday.

Bitcoin can be traded on stock exchanges similar to bonds and stocks, even retailers are now accepting Bitcoin payments without the involvement of third parties.

Chris Burniske, blockchain products leader at New York, said “We have an influx of new capital in the space and that capital goes back and forth among crypto-assets and bitcoin,” Chris’s company manages exchange traded funds.

“Bitcoin is still the market leader in the blockchain and crypto currencies, it serves as a US dollar in this market, investors use it to buy other crypto-assets and currencies.”

Z cash is another crypto currency in the market gaining strong growth over the few months, Z cash is currently valued at $99.17, the market capitalization of Z cash is surged to 125.5 million according to coinmarketcap.com.

Federal Reserve Bank President Neel Kashkari has been skeptical about bitcoin’s outlook so far, saying that blockchain has more potential for future than a digital currency like Bitcoin.

According to reuters, Still a big part of bitcoin’s recent soar is the increase in demand for other digital currencies being sold in so-called “initial coin offerings,” or ICOs. Under ICOs, Other digital currencies are offering initial coins to investors which make it look like a good investment, what blockchain start-ups are doing is to sell their tokens directly to the public which raises capital for them without any regulatory oversight.

At least 40 start-ups have launched an ICO this year, These 40 startups offer ICO directly to the public and raise capital to fund them.

Arthur Hayes, chief executive at crypto-currency derivatives trading platform BitMEX says, “For the first time in financial history, founders can access capital from both large and small investors armed with nothing more than a slick website,”

Bitcoin relies on “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. This is how the bitcoins are generated, and every time the puzzles get complicated to solve leaving less possibility to generate more coins.

If you are still confused how Bitcoin and Crypto currencies work you must read this article to better understand it.

Mark Goodman

Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.