Bitcoin Reaches New Heights, Crossing $3,000 Mark

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Bitcoin’s price managed to cross the $3,000 barrier for a brief period on Sunday afternoon, according to CoinDesk’s Bitcoin Price Index. The coin set a new all-time high of $3,012.05, though the price quickly retreated to the high 2900s. At press time, the currency’s price on Coinbase stands at just below that milestone: $2,998.87.

Many analysts continue to credit the rising interest in altcoins for Bitcoin’s continuing strength, since that coin is the most common entry point for those seeking to journey into the depths of the altcoin market. Few other currencies have direct fiat currency pairings, which means that altcoin traders generally need to purchase Bitcoin before they can trade for their preferred alternatives.

Many altcoins have continued to outpace Bitcoin’s growth, and some observers have suggested that the increased interest in those coins could ensure that the current upward price momentum continues for some time. As CNBC noted earlier today, increased interest from Asian investors has helped the digital currency to maintain its continuing price surge.

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Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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1 Comment

  1. Yes, $3000.00 plus but then, the whales on OKCoin closed their long positions and we are right back where we started. The market is still small, large movements in Bitcoin still bring wild price swings, in both directions. While some see this as undesirable, it’s really health at this point in crypto’s development.

    Large swings in price, if not too often, create news and bring in new investors. Even bad news is good news in a way. As the markets mature, the swings will become less volatile and profit and loss will not be as extreme as they are now when one exchange can create such a large swing in value. Much more exciting (fun) than the stock markets that’s for sure!

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