Bitcoin price has topped $4,700 stating a new record and forcing total cryptocurrency market capitalization to exceed $170 billion for the first time ever.
According to CryptoCurrency Market Capitalization Index, prices has already reached as high as $4,747.15 from the opening point of $4,630. The preceding record was set on August 29, when Bitcoin price raised up to $4,703.21 with a visible gain of 4% comparing to its previous peak of $4,522.13 set on August 18.
At press time, the average price of Bitcoin across global exchanges is $4,705.72, which shows a gain of 3.10 percent, according to figures from CryptoCurrency Market Capitalization Index. Other top 10 altcoins also demonstrate an increase in prices, signaling that great changes in the sphere of finance are about to happen. For instance, the cryptocurrency of Ethereum network, Ether, is already trading at approximately $382.80, which is 0.60% higher than the price reported a few days earlier.
The rapid growth of cryptocurrencies resulted in $170 billion of total crypto market capitalization, which is for now the highest point ever and is expected to continue increasing in progress. The today’s existing back-end infrastructure in the sphere of finance is predicted to be totally replaced by blockchain-based systems in an approximate period of five years.
The new all-time high worked towards optimistic forecasts of cryptocurrency experts, who seem to believe in crypto market development beyond any dispute. And its positive dynamics can hardly be doubted as Bitcoin’s price is already much higher than it was expected by the head of technical strategy at Goldman Sachs, Sheba Jafari, who forecasted the digital currency to rise up to $4,000 by the end of 2017.
The number of crypto market participants is growing exponentially, the amount blockchain startups is increasing and the first use cases are reaching mainstream adoption. More and more investors intend to diversify in cryptocurrencies, encouraging the growth of more than 800 publicly traded cryptocurrencies and assets.
Earlier this month the first private bank has officially added altcoins Ether, Litecoin and Bitcoin Cash to its client cash management targeting to fulfill the gap between crypto- and traditional finance and to enable high net worth individuals and institutions to make direct investments into altcoins via a reliable and controllable financial enterprise.
This new-age trend seems to have just appeared, but we may see today, how impetuously it gathers pace without any reason to stop.