Bitcoin over $5700 and $95 billion market cap

Bitcoin is at $5750 and some exchanges had bitcoin at $5800.

Bitcoin has an overall market valuation of $95 billion.

Investors believe the momentum is warranted given the results of the last hard fork in August, which split the network in two, but did so in a way that fairly safely created a new asset called bitcoin cash.

Distributed to all bitcoin owners at the time of the fork, investors were suddenly given an equal amount of valuable cryptocurrency (bitcoin cash has held relatively steady around $300 per coin, but has traded for as much as $1,000). Far from a risky proposition, investors see that extra value as just created out of thin air and delivered to existing investors for free.

The total cryptocurrency market cap to rise above $175 billion for the first time since the beginning of September.

The price of ethereum and ethereum classic (the new coin) dropped initially after the split, ethereum’s market value recovered quite nicely, currently hovering around $32 billion, while ethereum classic continues to hold value at just over $1 billion.

3 thoughts on “Bitcoin over $5700 and $95 billion market cap”

  1. I think we’re nearing the end of this mania – check this out for one of the clear indicators:

    “Now his brothers and mom, who work in nursing, are investing in Bitcoin and other cryptocoins too.”
    “They just want a piece of the action.”
    “This kid comes in asking if he should get in on ‘Ripple.’ ‘Should I get in at 20 cents?’ I say, ‘it can’t hurt to put $200 on it. You’re going to spend that on drinking all weekend anyway,'”

    Oh, it will probably go on until the Greater Fools have moved into other cryptocurrencies – but that can’t be long now.

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