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Bitcoin breaks above $6,000 for first time, market cap at over $100 billion now

A little more than two months ago we had written about how Bitcoin has crossed the barrier of $4,000 for the first time. Since then, the cryptocurrency has gained over 50% in value, breaking above $6,000 for the first time yesterday. Its market cap also for the first has crossed the $100 billion milestone for the first time.

The latest surge is very significant as it comes at a time when Bitcoin has been receiving a lot of bad press. China and South Korea have recently banned ICOs. JPMorgan’s CEO Jamie Dimon called it a fraud. CEO of Brazil Central Bank labeled it as a pyramid scheme. But none of this has been able to slow down the digital currency. It had $5,000 for the first time on Oct 12, only nine days ago and now it’s trading at ~$6,100.

A Stock Analyst had earlier this year predicted that Bitcoin will reach $50,000 in the next decade. When Ronnie Moas had made that prediction in July, the digital currency was trading around $2,5000 mark and he had predicted that it would double and reach the $5,000 mark next year. Looks like Ronnie even with his very generous prediction underestimated Bitcoin. And that may very well be the case with this $50,000 prediction. But only time will tell.

For now, to put things in context for you: if you had invested $100 in Bitcoin on Jan 1, 2011, it would’ve been worth more than $2 million today.

 

MENAbytes covers tech and digital media stories from Middle East North Africa

We are trying to bring you all the latest happenings from startups to influencers, everything in tech and digital media from the region.

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