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Bitcoin Price Surges to New Record; Eyes Further Gains

Bitcoin Price Surges to New Record; Eyes Further Gains

2017-10-30 10:56:00
Nick Cawley, Strategist
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Talking Points

- 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.

Bitcoin Price Surges to New Record; Eyes Further GainsBitcoin Price Surges to New Record; Eyes Further Gains

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 Price Surges to New Record; Eyes Further Gains

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)

Bitcoin Price Surges to New Record; Eyes Further Gains

Market Moves/Top 8 Capitalizations – October 30, 2017

Bitcoin Price Surges to New Record; Eyes Further Gains

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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