Price of Bitcoin (BTC) Soars Above $6,000

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The price of bitcoin hit a new high of $6,000 for the first time in the coin’s history. This occurred on Friday, October 20th across all the major cryptocurrency exchanges.

Bitcoin shot up during the latter half of October and is now valued at over $100 billion, exceeding that of Goldman Sachs by a long shot.

The surge in pricing comes only a week after the coin surpassed the previous price record and then continued to shoot up in value. Until that time, the highest price Bitcoin had hit was $5,000 in September, where it then dropped down by about 20{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} over the course of a few days.

READ ON: The Best Way To Invest In Bitcoin?

Many investors are not sure as to why exactly the coin surpassed this level but some are attributing it to the rise in companies dealing with cryptocurrency. A new company known as Coinbase, has made it extremely simple to buy and sell the top three cryptocurrencies. This could result in being a large factor in whether or not the price continues to rise. If companies like Coinbase continue to make it easier for individuals to invest in cryptocurrency, it will continue to rise in price.

The bounce back in price comes only a few days after Russian officials were quoted stating that bitcoin is a worse investment “than casinos.” This helped to drive the price down as low as $5,174 on Wednesday. After that time, the coin shot up about 16{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}, and over the past 10 days, has gone up by a staggering 24{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}.

The rally in price is doing more than just making money for investors. The uptick is showing that cryptocurrencies could be able to avoid price drops and rises just based on speculation. Comments from big officials on Wall Street have historically had large impacts on the coins price, but hopefully that will become a thing of the past.

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