Bitcoin New All Time High Yet Again $6500

11/01/2017 - 09:17 UTC
Bitcoin New All Time High Yet Again $6500

New month, new beginnings and a new all-time high for Bitcoin today 1 November 2017.

At the time of writing the price floats on $6470 just a tad less than the latest all-time high for Bitcoin at $6487 a few minutes ago. The price is up by 5.37% with a sizeable 24-hour volume of $2,627,280,000. BTC Dominance as shown on the coinmarketcap graph is continuing to climb back up and is currently at 58.7% of the total market capitalization.

Bitcoin Market Capitalization Dominance Graph

The massive rise in Bitcoin market cap and price, from the start of the year, has its roots to the cryptocurrency becoming mainstream, but there also other reasons behind the rise.

$1.2 billion has been raised for over 100 ICOs, through the first three quarters of this year. When the funds are invested in the ICOs, the currency used is -- by and large -- Bitcoin. Therefore, Bitcoin serves as the predominant liquid asset behind all these ICOs, adding to its price increase significantly.

Another reason for the rapid bitcoin rising might be the recent announcement by one of the world's largest financial market companies, CME Group, that it will launch Bitcoin derivatives in the last quarter of 2017.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice on Bitcoin, Cryptocurrencies or finance in general.