Bitcoin Price Breaks 5,800 Mark, Booms Before the Fork

Bitcoin 5000As far as the Bitcoin price is concerned, it has soared all the way to an all-time high and surpassed the $5,800 mark with $5,856.10 at around 02:45 UTC on October 13, 2017. The new price record comes just hours after setting new highs with a strong move beyond $5,000. Suddenly, all the investors’ and evangelists’ predictions of a $10,000 Bitcoin price comes closer to becoming an incredibly viable reality – not as farfetched as Trace Mayer, a bitcoin investor and podcast host, who has predicted that the price of bitcoin will increase to over $27,000 in four months’ time.

Bitcoin is about to fork which is to say, split into two different cryptocurrencies — twice of more times in the near future. When bitcoin last forked on Aug. 1, a new coin was created, Bitcoin Cash. Since that coin shared its blockchain with BTC, everyone who owned bitcoin at that time automatically became an owner of Bitcoin Cash as well.

ALSO READ:  GEO Protocol Raises Seed Round from CoinFund to Accelerate Internet of Value Technology

Naturally, experts see short-term volatility in bitcoin. However, optimism for the long-term performance of cryptocurrency despite recent troubles in China, Russia, and several other countries seem to catapult the cryptocurrency to a higher, if not the highest, value.

As the price approached the $6,000, it continues to stabilize — despite the diatribes of the prominent personalities in the banking industry. For instance, Wall Street banker, Jamie Dimon, chief executive of JP Morgan Chase reiterates that he believes Blockchain tech is useful but that non-fiat cryptocurrency has no value.

“Comments, such as Jamie Dimon’s, drive the bitcoin hormesis we are currently witnessing, where adversarial comments by renowned beneficiaries of the current centralized system simply add to the strength of the bitcoin ecosystem,” said Serafin Lion Engel, founder and CEO of DataWallet.

In spite of the fact that nations with significant impact have up to this point appear to be reluctant to enable bitcoin and the blockchain to disturb business as usual, littler nations with more to pick up perceive a one-of-a-kind open door. The individuals who comprehend the innovation realize that given time, and an ideal domain, the adopters will prove every one of the naysayers off-base.

ALSO READ:  Cryptocurrency Hedge Funds Available to Asian Families at Premium Prices

Get the latest in Asian Bitcoin news here at Coin News Asia.