Bitcoin Prices Soar Above $4,700August 29, 2017 5:49 pm
Bitcoin prices broke through at $4,700 on Tuesday, setting an all-time high for the cryptocurrency and proving that investors are still intrigued by the digital asset as it reaches lofty price levels, according to Fortune.
The digital currency rose to as much as $4,703.42 during the session, according to the CoinDeck Bitcoin Price Index (BPI).
Bitcoin surged again after previously breaking through $4,000 for the first time earlier in August before trading range-bound for several weeks.
After the latest all-time high, bitcoin prices have risen close to 400% this year thanks to a very strong rally earlier in 2017, according to BPI data.
While this meteoric rise may seem impressive, the total market capitalization (market cap) of the crypto market has climbed more than twice as much, edging higher and higher while investors continue to place money into the broader asset class.
The market cap of the innovative assets has surged more than 800% this year, according to CoinMarketCap.
While cryptocurrencies have been gaining more adoption across the world, the investor inflows that caused them to rise initially may only grow stronger with the continued interest in Bitcoin causing it to rise even further.
Some analysts have predicted that Bitcoin prices could rise to as high as $10,000, with some predictions going even higher.
However, investors should be aware that cryptocoins or tokens are very speculative and the market is still largely unregulated so investors should be prepared for the possibility of losing their entire investment.
–WN.com, Maureen Foody