Bitcoin price (BTC/USD) sets new record of nearly $6,200

By: Farquar McIntosh
Farquar McIntosh
Farquar McIntosh began his career in metals trading, working for an established operator before going freelance as he still earns his… read more.
on Oct 23, 2017
Updated: Mar 11, 2020

The Bitcoin price (BTC/USD) broke through the $6,000 on Saturday, setting a new record high of $6,194.88, according to Coinmarketcap. The price increase allowed Bitcoin’s market capitalisation to exceed $100 billion for the first time. Bitcoin has since then retreated to lower levels and is currently trading in the low $5,900.

Another fork

Some observers have suggested that the latest Bitcoin rally can be partly attributed to a new hard fork, which is expected to occur on October 24. This hard fork will split the Bitcoin blockchain and create a new cryptocurrency dubbed Bitcoin Gold. Following the event, existing Bitcoin holders will be entitled to receive Bitcoin Gold tokens for free.

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So far the fork has been perceived by the Bitcoin as a minor event that is unlikely have a significant impact on the legacy blockchain. Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital, told CNBC on Friday that Bitcoin investors were betting on the original cryptocurrency holding its status despite the split.

Yesterday, US-based cryptocurrency exchange Bittrex announced its official position on Bitcoin Gold, confirming that it would credit Bitcoin holders on its platform with BTG tokens:

“If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 24, 3am PT (10am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG.  BTC held on orders will also be credited.  Only the BTC held on your account is eligible for BTG.”

However, at the moment Bittrex does not consider allowing Bitcoin Gold trading on its platform, because currently “the information and codebase presented by the Bitcoin Gold team is not in a functional state”. The company also advised its users to take into account that “Bitcoin Gold codebase also contains a private premine of 8,000 blocks (100,000 BTG)”. “Please be aware that if a market does open there is a possibility of the developers selling their premined BTG on the open market,” Bittrex said.

Today’s trading so far

After reaching an intraday high of $6,075 earlier in the session, the Bitcoin price has fallen below its yesterday close of $6,008. As of 09:10 BST, the price stood at $5,932.59, according to Coinmarketcap. Bitcoin’s total market cap currently stands at $98.7 billion.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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