Global Bitcoin Price Average Hits $10,000 In Korea-Led RallyNovember 28, 2017 5:20 pm
Bitcoin passed a major threshold Tuesday when the global average cryptocurrency price crossed the $10,000 threshold after Korean traders bid the flagship cryptocurrency up to double-digit premiums, Cryptocoinsnews reported.
A mere two days after reaching the $9,000 mark, the global average bitcoin price pierced the five-figure barrier, rising to a new all-time high of $10,069, according to CoinMarketCap, the report said.
Though seemingly a more psychologically significant barrier, the bitcoin price drove past $10,000 with relative ease, the report said, a much different scenario than when it clawed past $5,000 earlier this year.
Credit for the rally has been almost single-handedly fueled by insatiable demand from Korean traders. As of noon ET, BTC/USD pairs were still trading at $9,918.99, and Western traders seemed hesitant to cross into five-figure territory.
However, BTC/KRW was trading above $10,800 on both Bithumb — the second highest-volume bitcoin exchange — and Coinone, the seventh highest-volume exchange, the report said.
Continuing this surge, it is conceivable BTC/KRW could crack the $11,000 mark before USD pairs see $10,000, Cryptocoinsnews reported.
– WN.com, Jack Durschlag