Bitcoin: New all-time high on the horizon?


avatar Quebex Fintech Inc.
Jun 28, 2017

The cryptocurrency market has recovered substantially since last weekend’s correction which saw the total market cap fall from $150 billion CAD to $124 billion CAD in a matter of hours, leaving many investors massively out of pocket.

Indeed, looking at the market today, almost all coins are showing as green, with bitcoin itself up just over 8% in 24 hours – though still some way off its pre-crash standing – according to data from Poloniex.

The value of a single coin currently sits at $3,346.45 CAD as of 1pm, ET, Wednesday, according to data from CoinDesk.



Bitcoin’s somewhat bearish recovery is nothing when compared to that of rival coin Ethereum; Ether is up 36% against bitcoin in the last 24 hours alone, according to data from Poloniex, and looks sure to supersede pre-crash levels in the very near future.

The value of a single ether token currently sits at $394.95 CAD as of 1pm, ET, Wednesday, according to data from CoinDesk, which, despite the recent correction, is still a ridiculous number considering one ether token was going for about $10 CAD at the beginning of the year – that’s almost 4,000% growth inside seven months!

So, what evidence is there to suggest that bitcoin, ether, and other altcoins may be on the verge of breaking new ground?

Well, American broadcaster and host of RT’s Keiser Report, Max Keiser, highlighted the fact that bitcoin has always recovered beyond previous peaks following market corrections.



For example, when bitcoin’s price fell from $2,400 USD to $1,900 USD earlier this month, the currency went on to hit a yet-to-be-surpassed all-time high of $3,000 USD.

It is for this reason, along with the well-reported growing demand for bitcoin and other cryptocurrencies worldwide, that Keiser and plenty of other investors and analysts remain confident that the only way is up for the world’s number one cryptocurrency.

Indeed, Keiser told COINTELEGRAPH: “Regulators will be twiddling their thumbs at $5,000 [USD], $10,000 [USD], and beyond. Welcome to NCO (New Crypto Order).”

Another reason to be hopeful about bitcoin’s future? Bitcoin Core’s Segregated Witness (SegWit) can apparently be activated without the execution of the dreaded ‘hard fork’ which addresses the scaling issues that have plagued the coin for some time.

So, hold tight – the best might just be be yet to come!