Bitcoin Hits Record High At $5,226 On Thursday, Before Dropping Slightly

October 12, 2017 2:13 pm Published by

Bitcoin hit a new all-time high Thursday as prices reached $5,226 on the CoinDesk Bitcoin Price Index, Coindesk.com reported.

Week-on-week, BTC is up 18.75 percent, while month-on month the cryptocurrency is up 23 percent, the report said.

The new record high broke the previous all-time high of $5,013 set in September, the report said.

The peak is in sharp contrast to when bitcoin dropped to a low of $2,980 in mid-September when China had banned token sales and that local cryptocurrency exchanges would shut in the aftermath, the report said.

However, in subsequent days, bitcoin’s price quickly regained traction, reportedly picking up in trading volume in Japan, South Korea and other markets, the report said.

ncreased institutional interest, the report said, seems to have played a role in boosting bitcoin prices.

For example, Goldman Sachs is rumored to be considering a ‘bitcoin desk,’ a move, the report says, would certainly be a game changer for the nascent market. Still, it’s just the latest sign professional traders are increasingly interested in the market.

WN.com, Jack Durschlag



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