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Last week, Bitcoin attempted thrice to break past $6000 mark, even after peaking up to $5991 on Friday, it failed every single time. Today, Bitcoin price finally crossed the $6000 resistance level to register an all-time high of $6255 — reaching as high as $6,345 on Bitfinex. At the time writing, the cryptocurrency is trading at $6169 – an increase of 6% – posting a market cap of $102 billion.
We’re only two weeks away from the scheduled date for the activation of SegWit2x hard fork. This Bitcoin rally could be an indication that traders are less concerned than analysts about the results of the fork.
Altogether, the cryptocurrency market cap added nearly $9 billion – eventually reaching $180 billion. At present, the crypto market cap sits at $177.5 billion. Altcoins also joined the party, with alternate cryptocurrencies adding a combined $2.2 billion to their market caps.
Ethereum price ticked up 3% to $309 and a $29.5 billion market cap. ETH is struggling to stay above $300 mark since the activation of Byzantium hard fork, so time will tell whether it is able to overcome this obstacle heading into November. Litecoin price, on the other hand, gained 4% and reached up to $57, which lifted its market cap just over the $3 billion level.
This rally could be attributed to the optimism that traders and investors have towards bitcoin ETFs, the possibility of China resuming cryptocurrency trading and South Korea’s regulation of Bitcoin.
Several analysts also believe that the decline in support towards Bitcoin hard forks such as Bitcoin Cash, Bitcoin Gold, and SegWit2x (B2X) have contributed to the upward momentum of Bitcoin.
The cryptocurrency will likely hold above $6000 for a few days, and maybe slightly correct just before the next hard fork. It’s hard to believe Bitcoin started this year just below $1000 on January 1s and ten months later it has gained 500%. There are still two more months to go before the year ends.
Top Stories from the Crypto World
1. Vietnam bans Bitcoin as payment method
The State Bank of Vietnam (SBV), Vietnam’s central bank, has ruled that cryptocurrencies like bitcoin are prohibited as a method of payment in the country.
The country has completed developing a legal framework for cryptocurrencies in the country following orders by Vietnamese Prime Minister Nguyen Xuan Phuc earlier this year.
The central bank listed the recognized exceptions among non-cash payment methods approved by the authority including checks, payment orders and bank cards (credit and debit). Bitcoin isn’t among them and is ruled as an illegal payment instrument.
2. DLT could fundamentally change the financial industry: Boston Fed VP
Jim Cunha, senior vice president of the Federal Reserve Bank of Boston, spelled out that innovations using the technology might bring advantages in payments and beyond, saying:
“DLT has the potential to fundamentally change many areas of financial services, payments being just one. Change is also very possible in securities (sales and post-trade processing), derivatives, trade finance, and supply chain to name a few.”
Interestingly, according to Cunha, the Fed has been exploring cryptocurrencies since 2011, and DLT for the past four years.
3. A house in Grimsby, UK is up for sale in Bitcoin
There have been stories in the past of mansions and luxury apartments going up for sale in Bitcoin, but now there is a small Grimsby house.
Grimsby on the North East coast of England is kinda in the middle of nowhere, and certainly not a place where you’d expect much of a Bitcoin boom. However, you can buy a house in Grimsby for a mere 18 BTC.
Sean Atkinson, a 49-year-old freelance artist who has put up his house for sale, said:
“For me, it seems like a much better long-term investment. Unfortunately, I can’t do the entire sale in Bitcoin, due to the process I have to go through with my solicitor, which means there is also a cash payment required of £100.”