BITCOIN’S STELLAR RUN CONTINUES
Bitcoin prices smashed new highs on Friday, continuing an improbable run on speculation that China may ease restrictions on cryptocurrency trading.
The BTC/USD exchange rate rose nearly $200, or 3.7%, to $5,645.00, according to Bitfinex. That’s the highest level ever recorded.
Bitcoin’s market cap has surged well north of $94 billion, which is roughly 57% of the total cryptocurrency market. The market is strongly bullish, with market participants disregarding massive overbought signals on the Relative Strength Index (RSI).
Investors are betting on even bigger gains for bitcoin following likely splits into two other tokens in the coming weeks. The upcoming SegWit2x upgrade, which intends to increase transaction speeds, is expected to cause a fork in the BTC token. The other split will occur after the backers of Bitcoin Gold introduce a new protocol easing the process of mining.
Chinese authorities are also expected to loosen the clamps on cryptocurrency trading after last month’s blanket ban. China is the epicenter of the bitcoin market, with more than 60% of new tokens mined there.