[2017-08-05] Bitcoin Rockets Past $3,000 to a New Record High

[Eric Cartman]

In just four hours of early Saturday trading, the price of the cryptocurrency Bitcoin surged over 9% to a new record. At the time of this writing, one Bitcoin is valued at $3,169.90, well above the previous record of $3,000 set in June.
Bitcoin's total market value is now more that $52 billion, according to data from CoinMarketCap, and the return on Bitcoin investments made on January 1st of this year stands at nearly 220%.
Bitcoin will almost certainly remain a highly volatile asset, but its latest high reflects a major positive development. After years of heated debate over how to increase the Bitcoin network’s transaction capacity, major players have finally agreed on a compromise solution known as Segwit2x. That accomplishment is reassuring for those who may have begun to doubt the effectiveness of Bitcoin’s leaderless governance model.
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The Segwit2x solution also seems to have driven Bitcoin's price higher in a less direct way. On Tuesday, a faction who disagreed with the proposal spun off a so-called ‘fork’ of Bitcoin, known as Bitcoin Cash, which implemented a different fix. All holders of Bitcoin received matching Bitcoin Cash, which now trades as BCH on exchanges, and has a total current value of $3.75 billion.However, the price of Bitcoin Cash has declined steadily over the last two days as Bitcoin and other major cryptocurrencies have surged. That suggests investors are cashing out of the upstart fork, which has sparse support from miners and exchanges, and pumping their gains back into older, more trusted, and more widely-adopted cryptocurrencies.

http://fortune.com/2017/08/05/bitcoin-record-high/

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[maydna]

bitcoin price reach the highest price because i never see the price before and i think this is my first time to see the price. from now on, bitcoin price will increase more although there is any decrease of the price but i believe the price will be up more than now. its just beginning for bitcoin because bitcoin now is really worth for us and we can make bitcoin for a long term investment.

[iamTom123]

As I am making this reply, the price of Bitcoin based on CoinMarketCap.com is $3,214.71 and there is still a possibility that it might be climbing some more this coming week. However, some are already expecting some corrections to happen soon. I am sure that many Bitcoin holders are celebrating right now because they never listed to so many FUD trending just before the feared August 1. Now, those who converted their Bitcoin must be learning a big lesson here...fear and panic can get us nowhere.

The next question for Bitcoin is: Will it be trying to breach the $4,000 level soon or will it stabilized at its current level for some days or probably weeks before making any surging moves? Well, only time and the market can tell but it is always mesmerizing to speculate.

[JemmaColin]

As I am making this reply, the price of Bitcoin based on CoinMarketCap.com is $3,214.71 and there is still a possibility that it might be climbing some more this coming week. However, some are already expecting some corrections to happen soon. I am sure that many Bitcoin holders are celebrating right now because they never listed to so many FUD trending just before the feared August 1. Now, those who converted their Bitcoin must be learning a big lesson here...fear and panic can get us nowhere.

The next question for Bitcoin is: Will it be trying to breach the $4,000 level soon or will it stabilized at its current level for some days or probably weeks before making any surging moves? Well, only time and the market can tell but it is always mesmerizing to speculate.

I am almost sure that soon we will see a price drop to 2700 dollars. And after this downgrade again there will be a jump up to 3800 and above. I hope to have time to buy even more coins

[MintCondition]

As I am making this reply, the price of Bitcoin based on CoinMarketCap.com is $3,214.71 and there is still a possibility that it might be climbing some more this coming week. However, some are already expecting some corrections to happen soon. I am sure that many Bitcoin holders are celebrating right now because they never listed to so many FUD trending just before the feared August 1. Now, those who converted their Bitcoin must be learning a big lesson here...fear and panic can get us nowhere.

The next question for Bitcoin is: Will it be trying to breach the $4,000 level soon or will it stabilized at its current level for some days or probably weeks before making any surging moves? Well, only time and the market can tell but it is always mesmerizing to speculate.

I am almost sure that soon we will see a price drop to 2700 dollars. And after this downgrade again there will be a jump up to 3800 and above. I hope to have time to buy even more coins

We have same feeling. This just like a deja Vu on what happened when bitcoin price first hit 3000$ mark. It dumps hard below 2000$ so that below 3000$ is still possible to happened soon. Let's just wait on the hype news again.

[Xavofat]

I'm getting more and more bearish with every price rise at this point.  Everything about this looks like a bubble.  If you don't want to call it a bubble, you could call it excessive rallies or a crazy bull market, but whatever you call it, this has gone too far.

Have you noticed the news that coinmarketcap has a higher Alexa rank than the Wall Street Journal?  It's insane, but Bitcointalk has a much lower rank, as do bitcoin.org and any other BTC related site.  We're not measuring in terms of merchants, we're measuring in terms of speculative events and people are paying so little attention to actual spending that the idea that the price has multiplied by three in the past six or seven months sounds completely insane.

Have you seen the charts recently?  No "healthy growth" just random spikes.  This isn't mass adoption or casual investors getting involved, but a lot of people either think it is or thinks that these prices are moderate.

[1Referee]

I'm getting more and more bearish with every price rise at this point.  Everything about this looks like a bubble.  If you don't want to call it a bubble, you could call it excessive rallies or a crazy bull market, but whatever you call it, this has gone too far.

People have been looking at Bitcoin from that point since the very beginning, and each time it breaks through newer highs without much problems. Back in the year 2013 where the price peaked at $1200, is the only moment I consider the Bitcoin price to be a legit bubble. If we didn't had miners blocking the original Segwit proposal, we would be sitting at +$4000 levels right now - I am sure of that.

Have you noticed the news that coinmarketcap has a higher Alexa rank than the Wall Street Journal?  It's insane, but Bitcointalk has a much lower rank, as do bitcoin.org and any other BTC related site.  We're not measuring in terms of merchants, we're measuring in terms of speculative events and people are paying so little attention to actual spending that the idea that the price has multiplied by three in the past six or seven months sounds completely insane.

Nothing to be surprised about. It has all to do with the fact that Bitcoin isn't the only thing that captures people's attention nowadays. It's not for nothing that exchanges as Poloniex and Bittrex have more visitors than the major Bitcoin exchanges. Altcoins gain more and more attention nowadays. Contributing factor is that the Bitcoin price is simply too high for a lot people.

Have you seen the charts recently?  No "healthy growth" just random spikes.  This isn't mass adoption or casual investors getting involved, but a lot of people either think it is or thinks that these prices are moderate.

This is how Bitcoin has always been, not sure why you make a problem out of it? The only thing that matters is the fact that we are realizing long term growth. Everything else is not worth taking into consideration.

[iamTom123]

I'm getting more and more bearish with every price rise at this point.  Everything about this looks like a bubble.  If you don't want to call it a bubble, you could call it excessive rallies or a crazy bull market, but whatever you call it, this has gone too far.

Have you noticed the news that coinmarketcap has a higher Alexa rank than the Wall Street Journal?  It's insane, but Bitcointalk has a much lower rank, as do bitcoin.org and any other BTC related site.  We're not measuring in terms of merchants, we're measuring in terms of speculative events and people are paying so little attention to actual spending that the idea that the price has multiplied by three in the past six or seven months sounds completely insane.

Have you seen the charts recently?  No "healthy growth" just random spikes.  This isn't mass adoption or casual investors getting involved, but a lot of people either think it is or thinks that these prices are moderate.

There is no question that one of the biggest drive for Bitcoin's rise is its speculative nature. Many of us Bitcoin holders are expecting that its value will really rise in the coming days and weeks so that we are holding it and never converting it to fiat money no matter what.

However, Bitcoin always has this ability to correct itself when there seems to already a bubble happening. This had happened in the past and can happen again anytime...it is just that nobody can be sure at what level will it correct especially right now when the market is experiencing the euphoria right after SegWit plus the fact that BitcoinCash (BCH) is not really affecting the real Bitcoin.