Bitcoin Reaches New High of $6,000 and Could Continue Going Up

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The value of the world’s most popular cryptocurrency by market capitalization just reached a new high today of $6,003.81 according to CoinDesk. This means that year-to-date, the coin has gone up in value over 500{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}.

Bitcoin reached this level after surpassing two records over the course of October. Those two record highs showed new price floors at $5,300 and $5,800. The currency helped to attain the gains today after interest across the investor space reached an all-time high earlier in the week.

READ ON: The Best Way To Invest In Bitcoin?

Bitcoin’s share of the cryptocurrency market as a whole has jumped up this month, now at a very solid 55{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}. This is according to the Bitcoin Dominance Index or BDI. While Bitcoin has reached a high BDI number of up to 70{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}, the market for the cryptocurrency as a whole has fallen this year as other currencies have seen their popularity rise. Since the coin reached a low of 40{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} market share in June, it has gone up by a staggering amount.

One of the biggest issues that has faced bitcoin and the likes of cryptocurrency as a whole is the constant threat of regulation. Despite jumping over hurdles with various countries trying to regulate it, the currency has bounced back by a large amount. The two countries putting the most restriction on the coin have been China and South Korea. China began by banning the use of initial coin offerings and then banning cryptocurrency exchanges altogether. South Korea has attempted to follow a similar path but has not taken as harsh of a stance as China.

With the issue of fraud always rampant in the market of cryptocurrency, only time will tell whether or not regulation has an effect on the market as a whole.

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