$5,800 Bitcoin, Sets New All-Time High Record in Less Than 24 Hours

Bitcoin is continuing to stair step its way higher today. What can we expect as we approach the Bitcoin Gold hard fork on October 25th, 2017? Let’s take a look…
After reaching a record high $5,300 price at the end of Thursday, Bitcoin surged even higher earlier this morning. Bitcoin’s renewed price vigor seems to indicate that the market has now gotten over the fears caused by recent policy concerns.

Bitcoin prices surged past the $5,300 mark on Thursday, closing at $5,363 — only to reach a new all-time high value at $5,856.10 some time early Friday morning, after markets had opened at a $5,439, reports Futurism.

The increase in value comes after Russia banned Bitcoin and expressed interest in rival Ethereum. The Russian ban followed previous moves against cryptocurrencies by South Korea and China, which included prohibiting initial coin offerings (ICOs). The market, it would seem, finally got over the fears incited by these moves.

At the time of writing, revitalized Bitcoin is now at $5,714.95 marking a more than 13 percent increase in value in less than one day, and an over 30 percent increase in just one week. It isn’t the only cryptocurrency benefitting from the price surge, as the overall cryptocurrency market cap peaked at $171.94 billion early Friday morning — almost reaching a high comparable to that of September 1, when it reached $172.5 billion. Bitcoin, which makes up more than 55 percent of the whole crypto market, capped at $95.5 billion today (Friday, Oct 13).

Cryptocurrencies are no stranger to fluctuations in prices, which critics are always quick to note. Experts say crypto is destined to be more than a fad however, and that Bitcoin’s popularity will herald a bigger blockchain revolution. Whatever the case may be, experts expect Bitcoin to go as high as $6,000 by the end of the year, and over $10,000 by the first half of 2018.

However, this time, people seem to be buying prior to the fork, so that they can benefit from the new coins. This is looking like a crowded trade. Can this get more crowded? Certainly.

Can prices rise further from here and make us look like fools?

They certainly can.

However, it can equally fall back below $5000 once this buying frenzy ends, exclaims the Cointelegraph. It’s always better to pocket good gains after a buying stampede and wait for the next opportunity.

Also, be on the lookout for a large rotation back into the Alt’s as profit seekers look to park and wait for the next wave.