Bitcoin Price Surges to New Record; Eyes Further Gains
- Bitcoin (BTC) hits a fresh all-time peak.
- Bitcoin Cash (BCH) makes a five-week high.
- Total market capitalization touches $180 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): Surges then Consolidates Ahead of Fresh Move Higher
Bitcoin continues to make new record highs with Asian buyers sending the digital coin to just over $6,300 in heavy turnover. And Bitcoin Cash jumped sharply in the last 48 hours with Korean Won buyers dominating turnover.
BTC has shrugged off all concerns over the recent hard-fork with the upward momentum channel from September 15 still intact, leaving the market open to fresh highs. The coin is also back above its 9-day WMA, adding to the bullish impetus.
We have been discussing the latest Bitcoin hard-forks and their price-moving potential over the last couple of weeks at our Weekly Bitcoin webinar on Wednesday’s at 12:00pm - if you would like to join us, please click here.
Chart: Bitcoin (BTC) Daily Timeframe (April – October 30, 2017)
Bitcoin Cash Rallies Hard
Bitcoin Cash (BCH) also enjoyed a positive weekend with prices touching in excess of $520 before settling around $470 in European trade. BCH had been mired around the $320 level for the last two/three weeks before heavy Korean Won denominated buying sent it spiraling higher. BCH still remains a long way from its post-split high of $960, although the latest run-up may see the cluster between $520 and $640 revisited.
Chart: Bitcoin Cash (BCH) Daily Timeframe (August – October 30, 2017)
Market Moves/Top 8 Capitalizations – October 30, 2017
--- Written by Nick Cawley, Analyst.
To contact Nick, email him at email@example.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.