Bitcoin edged higher on Thursday, as investors set their sights on a new milestone amid conflicting signals in the broader cryptocurrency market.
Bitcoin Hovers Near Record Territory
The value of bitcoin (BTC/USD) climbed 1% to $4,624.00 Thursday morning, pushing its market cap to roughly $73 billion.
The BTC has broken out of a trading range that kept prices subdued below $4,400.00. Prices briefly traded above $4,700.00 on Wednesday, possibly setting the stage for a test of the psychological $5,000.00 threshold. Some analysts think we will reach that level soon.
The world’s No. 1 cryptocurrency has more than quadrupled since the start of 2017. The gains have been relentless with very few exceptions, as global investors embrace cryptocurrency as an asset class.
Ethereum (ETH/USD) is also approaching record highs after prices surged toward $400.00 on Wednesday. At present, ETH is up more than 1% at $384.00.
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