The price of Bitcoin rose to $ 5800

The price of Bitcoin rose to $ 5800

Bitcoin could be back on track with its meteoric rise.

Bitcoin trading against the Chinese yuan used to account for most of the volume. Bitcoin's market cap is today $95.5 billion, over 55 percent of the total market.

A new alternative coin or altcoin that has dubbed itself "the new ERC20 Bitcoin", has shot up in value by a staggering 335% since its launch in the second week of September. Speaking during CNBC's Fast Money segment, former Fortress Investment Group hedge fund manager turned cryptocurrency investor Mike Novogratz predicted that Bitcoin will reach heights above $10,000 in the next six to ten months.

The market capitalization of all 1,165 cryptocurrencies now being tracked by Cryptocurrency Market Capitalizations, including bitcoin, has reached $179 billion.

Now, however, that will no longer be a problem, because Coinbase announced on Thursday that it is beginning to roll out the ability to buy bitcoin, ether, and litecoin instantly, noting on their blog that this "has been a highly requested feature". That is like saying the iPhone was a bubble in 2007 four days into the sale because there were 500,000 iPhones sold.

Released after the financial crisis to potentially supplant the banking powers that be, bitcoin has finally beaten Wall Street - at least in one respect.

At first, banks like JPMorgan and Goldman Sachs dismissed Bitcoin due to its premature market.

Bitcoin has been on a tear as of late, climbing to record highs on speculation that China will lift trading restrictions on cryptocurrency in the near future.

The digital currency has now nearly seen a fivefold increase since the beginning of the year, rising 480% over the course of 2017, as investors are increasingly shrugging off the warning form some analysts that are expecting the market's imminent collapse. In a matter of hours, Bitcoin's value tanked by more than $550, and it continued to drop for the remainder of the day.

As the global demand for Bitcoin increases and major markets such as Japan demonstrate a rapid growth rate, the Bitcoin market will continue to outperform most assets and currencies.

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