Bitcoin Soars Above $5,000 on Hard Fork Dividend Talk, Korean Buying
- Bitcoin blows through the $5,000 ceiling as the Bitcoin Gold fork nears.
- Korean Won buyers continue to push the market ever higher.
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Bitcoin (BTC) Sets Yet Another All-Time High
The digital market heavyweight continues to climb ever higher as investors look ahead to the Bitcoin Gold hard fork near the end of October. We discussed the potential for a new, free coin during Wednesday’s Bitcoin Webinar, although it still remains to be seen if the new token has any substantial value. Recall that the last Bitcoin hard fork produced a new coin, Bitcoin Cash, which quickly traded up around the $900 level before falling steadily back to its current level around $300.
And the continued buying seen from Korea is helping BTC to move ever higher. A look at the average 24 hour price at various global exchanges shows how Korean Won traders are paying a hefty premium to buy BTC compared to other exchanges. Yen and Won denominated buyers have taken up the slack left after the Chinese authorities clamped down on crypto-currency trading.
Chart: Bitcoin (BTC) Price Daily Timeframe (July 5 – October 12, 2017)
DailyFX analyst Michael Boutros sees BTC targeting the $5375 level in the short-term.
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Market Moves/Top 8 Capitalizations – October 12, 2017
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.