The price of bitcoin continues to drive higher as the decentralized currency’s value has reached a high once again this week, touching $6,915 per BTC on November 1.
Bitcoin Markets Rally Hard on November 1
According to the spot value across some of the world’s popular exchanges, bitcoin has reached an average of 6,915 on the first of the present month. Currently, the price is hovering just above 6,800 after some sell-off. The digital asset has been relentless all year long, seeing $500-1,000 increases with ease and sometimes in a day. At the moment bitcoin commands a $116B market capitalization with over $3B in trade volume over the past 24-hours. Besides bitcoin cash markets, which are up over 19 percent, nearly every other digital asset is dropping. The top five exchanges swapping the most bitcoin this evening include Bitfinex, Bithumb, Bitflyer, GDAX, and Hitbtc.
Right now Japan is leading the pack, with the yen commanding 60 percent of the BTC volume by currency. The rest of the currencies following the Japanese yen include the USD, KRW, EUR, and the GBP. Moreover, gone are the days when China captured the lion’s share of bitcoin trade volume. Chinese trade volume has seen the CNY plummet from the fifth position just a few weeks ago, to an all-time low of nineteen out of all the world’s bitcoin trades. However Chinese trade volume, using over-the-counter (OTC) networks like Localbitcoins, has increased substantially.
Bitcoin price reaches $6,915 across global exchanges. https://news.bitcoin.com/markets-update-first-of-the-month-sees-bitcoin-skyrocket-to-6900/
