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Bitcoin Prints a New Record High; 5K in Sight

Bitcoin Prints a New Record High; 5K in Sight

Nick Cawley, Strategist

Talking Points

- Another BTC all-time high as buyers take control of the market.

- The crypto-currency market is covered in green pushing the market valuation over USD171 billion.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Makes a New Record High

Bitcoin continues to be controlled by buyers and prints a new high around USD4,700 pushing the token’s market value to just over USD77 billion, up from around USD16 billion at the start of the year. Buying interest has been broad based and spread over a wide variety of exchanges, using multiple currencies. BTC is within $100 of the $4800 target set by a Goldman Sachs analyst just two weeks ago. Chartist Sheba Jafari set a target price of $4827 in mid-April, although she warned that the market would then enter a ‘corrective phase’ sending the price 38.2% lower (around $3000)

Bitcoin Cash (BCH) has also been in demand, trading 6.5% higher around USD600, nudging its capitalization to USD9.93 billion.

Chart: Bitcoin (BTC) Price Daily Timeframe (May – August 31, 2017)

Bitcoin Prints a New Record High; 5K in Sight

Chart by IG

Ethereum Continues to Rally

The second largestdigital currency continued its recent march back towards the June 12 high of USD420, with buying again led by Korean and Chinese interest.

DailyFX analyst Michael Boutros’ target of USD385 set this week has already been hit.

Chart: Ethereum Price Daily Timeframe (June – August 31, 2017)

Bitcoin Prints a New Record High; 5K in Sight

I will be discussing Bitcoin Trading and Strategy every Wednesday at 12:00 pm – if you would like to join me, please click here.

Indeed the crypto-currency market as a whole is enjoying a strong performance with trading screens covered in green as buyers push prices higher across the board.

Market Moves/Top 8 Capitalizations – August 31, 2017

Bitcoin Prints a New Record High; 5K in Sight

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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