BITCOIN CONTINUES TO HIT RECORD HIGHS
This is the first of November and Bitcoin hits another record high surpassing 6,400 US dollar gaining more than 5% over the past 24 hours. Bitcoins market cap is currently over 107 billion US dollar and Bitcoin currently dominates more than 58 percent of the market. The total cryptocurrency market cap climbed to a record high surpassing 182 billion on September 15 but since then it has been back on track continuing to climb higher.
If we take a look on Bitcoin Cash as if gained more than 11 percent over the past 24 hours climbing to 500 US dollars. The last time we saw it break past $500 was on October 29th it remained under $400 for most October. Bitcoin cash has a market cap of over 8 billion. Bitcoin cash was created on August 1st. We saw it hit a record high on August 14th when it surpassed 900 US dollars.Since then it has been on a path of decline but it has been looking a bit stronger over the past few days. So can it continued this momentum or will we see it fall under $400 again?
According to autonomous next more than 90 funds focusing only on digital assets that have launched this year so altogether, there are around 124 of such funds and in other news economists, Barry Eichengreen told CNBC this week that he believes central bank digital currency is the future. Now he does not believe bitcoin or any other sort of cryptocurrency will play a major role in the economy in the future. He said “I think there is a role for central bank issued to digital currencies which are a very different thing than crypto anonymous currencies. The first alternative central bank digital chances will make transactions more efficient. The second one is a vehicle for money laundering tax evasion and the like.” So what do you think about the statement, well share with us your thoughts in the comments.