On Friday, Bitcoin price updated the record high by hitting the psychological mark of $6000. The price was driven by a high volume and much pressure from bullish forces.
The US-based Bitfinex crypto exchange showed a peak of $6050.
The trading volume in the USD jumped to $2.11 billion, exceeding the volume of competitors like Bitcoin Cash or Ethereum.
The record update comes several days before the Bitcoin hard fork planned for October 25. The result of the fork will be the creation of a new cryptocurrency, Bitcoin Gold, which is to be freely shared between present BTC owners.
The hard fork in the dominant cryptocurrency is a result of concerns that there is a monopoly among miners. On the other hand, Bitcoin Gold believers think that their cryptoucurrency, considered as resistant to ASIC, will make the network more decentralized and will solve the monopoly issues.
Bitcoin Cash fell 0.78% to $326. Bitcoin Cash’s market cap of $5.4 billion is only 5.4% of Bitcoin’s market cap of $100 billion.
Bitcoin makes the headlines this month, as many politicians, regulators, officials, and entrepreneurs comment it from different sides.
Jamie Dimon of JP Morgan said that Bitcoin is a fraud and that it would eventually burst. His comment generated many reactions. Many Bitcoin believers said that Dimon doesn't have a clue about the crypto industry.
Christine Lagarde warned central bankers worldwide to not ignore Bitcoin:
“I think that we are about to see massive disruptions,” she reportedly said about the cryptocoin.
Goldman Sachs CEO Lloyd Blankfein seems to be impressed by the cryptocurrency potential. He twitted:
“Still thinking about #Bitcoin. No conclusion - not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.”
A recent CNBC survey shows that half of the respondents believe that Bitcoin is on its way to $10,000.
The CNBC study says:
“Forty-nine percent of the 23,118 people who voted said above $10,000. Similar calls have been made by market participants. Former hedge fund manager Michael Novogratz told CNBC in a recent interview that he sees Bitcoin heading to $10,000 in the next six to 10 months.”