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September 4, 2017

Bitcoin breaks $5000 before price plummets from $13bn sell-off

The year 2017 will go down in the history of Bitcoin as one of explosive success and a huge increase in publicity.

By Tom Ball

Cryptocurrency frontrunner Bitcoin has set a new price record after reaching a value of $5,000 for a single unit.

The latest price climb for the ubiquitous cryptocurrency reached a new high point of over $5,100; the new high value sparked a major $13 billion sale of bitcoin.

Following the widespread sell-off, Bitcoin is now priced at around $4,499, having reportedly fallen back beneath $4,400.

Bitcoin’s crossing of this new boundary has enlivened and invigorated interest in cryptocurrencies in general, with price increases noted for both Bitcoin Cash and the Ethereum currency.

This year bitcoin has experienced an exponential increase in price after years of sharp spikes and deep troughs representing the irregularity of the currency’s value.

Bitcoin breaks $5000 before price plummets from $13bn sell-off

Coinbase Bitcoin graph

 

Consistent growth began with investors turning to the popular, decentralised currency following the string of globally contentious political events spreading from 2016 through into this year. While this has been a factor in the bitcoin’s advances this year, growing awareness is also relevant.

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Cryptocurrency has been a concern for some investors due to the volatility of price changes; however, 2017 is the strongest indicator so far that stability could be achieved.

READ MORE: Bitcoin, Ether, Dash & LiteCoin – Cryptocurrency Explained

This year bitcoin has smashed the $2,000, 3,000, $4000 and now the $5000 mark, creating a near vertical trajectory on charts and graphs of its progress.

Another factor that may perhaps  cause a lack of confidence in the currency is the recent ‘hard fork’ caused by bitcoin miners, causing the blockchain that bitcoin is based upon to split, creating a mirror image of bitcoin now known as Bitcoin Cash.

Well-known Bitcoin is not the only name experiencing success in recent times, with cryptocurrencies in general benefitting from these achievments. The likes of LiteCoin, Dash and Ripple have also experienced benefits due to the awareness raised by the successes of Bitcoin.

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