Bitcoin sweeps and sets a record for punching the barrier of $6000 on Friday for the first time in the history of cryptocurrency. Recently,on September 15, the combined value of all cryptocurrency market cap was just $99 billion. Now Bitcoin has exceeded by defining its market capitalization to $100 billion.
Bitcoin price soars above $6,000 for first time ever
On Friday, for the first time ever, Bitcoin surpassed $6000 barrier on the BitStamp platform
Bitcoin is a decentralized digital currency that can either be held as an investment. Or used as a basic foundation for future applications through the blockchain. The blockchain is the digital ledger designed to record the movement of transactions.
Charles Hayter, Cryptocompare in London stated & hopes that China will soften its regulatory stance on cryptocurrencies
“As China… fears fade, the price is unlocked and driven by demand and buyers entering the markets”, said Hayter.
China has banned the practice of Initial coin offering used to raise capital for startups and established brands. It has also demanded to shutdown the digital currency exchanges.
But the experts and analysts believe that the ban of ICO in china is temporary.
Jason English, vice president of protocol marketing said that
“China would not want to be left out of the digital currency market nor the development of blockchain applications in general”.
Further, he added in his statement that
“As much as 60 percent of the world’s bitcoin mining is happening in China, and therefore, many of the large … investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly”.
Sean Walsh, a partner at venture capital firm Redwood City, consider that investors are looking back for utilization of Bitcoin providing the still undetermined global regulatory situations on crypto-currencies.
Recently, a huge lump of Bitcoin’s surge was the ICO craze, which shattered this year. Furthermore, Bitcoins and Ether, decentralized digital currencies are used to buy tokens for ICOs.