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Author Topic: [2017-08-31]Bitcoin Price Comes Close to $4,700 As Latest Jump Takes Altcoins Hi  (Read 5579 times)
Siren
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August 31, 2017, 05:13:07 PM
 #1

Bitcoin Price Comes Close to $4,700 As Latest Jump Takes Altcoins Higher

Bitcoin has hit yet another all-time high as virtually all the top 50 cryptocurrency markets rally.

Data from Coinmarketcap and Bitcointicker shows Thursday post Bitcoin highs of $4,687 on Bitstamp, beating the previous record of $4,576 Aug. 29.

The latest move upwards resulted in a consolidated effort from the biggest altcoins tracked by Coinmarketcap, with 95 percent of the top 50 posting overall gains in the 24 hours to press time.

Bitcoin is continuing to gain as commentators increasingly put faith in a test of the highly significant $5,000 barrier in the short term.

Various figures have been extremely bullish on Bitcoin reaching $5,000 sooner rather than later, ignoring criticism that the virtual currency remains in a bubble and will ultimately correct downwards in a manner similar to previous price spikes.

Commenting on the current price action, Civic CEO Vinny Lingham suggested the mid-$4,000s was a “nice consolidation,” but for a crucial upwards of downwards move, some external influence was needed.

https://cointelegraph.com/news/bitcoin-price-comes-close-to-4700-as-latest-jump-takes-altcoins-higher

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Kemarit
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August 31, 2017, 05:28:26 PM
 #2

I think it has jumped to more than $4700 now depending on what exchanges you are looking. But on a average is above $4700 so a new ATH have been set.

Quote
Various figures have been extremely bullish on Bitcoin reaching $5,000 sooner rather than later, ignoring criticism that the virtual currency remains in a bubble and will ultimately correct downwards in a manner similar to previous price spikes.

Of course its now a bubble and I don't think that bitcoin will go crash once again. I agree that people have really put a lot of trust in the system that's why the price is again gaining steam to go to $5000 level for the first time. If there will be a dip, I think it will be just minor correction and it will go to another consolidation then maybe just go to $5000 without issue. As for Civic CEO Vinny Lingham comment, yeah I agree we need another influence to stimulate the market if we are going to really push the price to $5000-$6000. The question is what external influence will it be?

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August 31, 2017, 06:41:45 PM
 #3

I just woke up again to see this wonderful news. Another ATH for bitcoin. I'm sure that the bitcoin community is very ecstatic to see this price. I just hope that it will be sustainable so that we can see if bitcoin can touch $5000. For me, we don't need outside influence to really go to new levels. Its just people who are really seeing the potential to be really  a good investment, store of value that why they are buying eventhough the price is somewhat very steep for a ordinary investors. If the bull run is sustainable then it will be very easy to break $5000 barrier in the coming days or weeks. We have to wait and see then.

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dfox101
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September 01, 2017, 04:42:32 AM
 #4

The altcoins compared to bitcoin not necessarily increased, they probably increased in dollar amount thanks to bitcoin.
DoctorStrange
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September 01, 2017, 06:08:31 AM
 #5

The altcoins compared to bitcoin not necessarily increased, they probably increased in dollar amount thanks to bitcoin.

Bitcoin is a locomotive and altcoins is wagons
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September 01, 2017, 06:38:57 PM
 #6

I think it has jumped to more than $4700 now depending on what exchanges you are looking. But on a average is above $4700 so a new ATH have been set.

Quote
Various figures have been extremely bullish on Bitcoin reaching $5,000 sooner rather than later, ignoring criticism that the virtual currency remains in a bubble and will ultimately correct downwards in a manner similar to previous price spikes.

Of course its now a bubble and I don't think that bitcoin will go crash once again. I agree that people have really put a lot of trust in the system that's why the price is again gaining steam to go to $5000 level for the first time. If there will be a dip, I think it will be just minor correction and it will go to another consolidation then maybe just go to $5000 without issue. As for Civic CEO Vinny Lingham comment, yeah I agree we need another influence to stimulate the market if we are going to really push the price to $5000-$6000. The question is what external influence will it be?
The word "babble" in the economy means something constant, without a way back after it's popping. But bitcoin looks more like a boiling pot with when after a raise fallows a pop and a babble appear again.
As I see now it's just 150$ left for a new bitcoins check point 5000$, but I expect to see a new fall in the price soon. That's a really problem to me to predict such fall and to catch the moment of high price to sell my coins  Cheesy

   
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September 01, 2017, 06:53:00 PM
 #7

Had quick glance at https://coinmarketcap.com/ and looks like its not only bitcoin enjoying the gains, and i thought people said when bitcoin gains altcoins fall....guess this crypto myth is busted.
Biggest gains among the top 50 so far we have PIVX,  Ethereum Classic and Litecoin hope to see BTC as a top gainer soon.

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Baofeng
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September 01, 2017, 08:03:16 PM
 #8

Had quick glance at https://coinmarketcap.com/ and looks like its not only bitcoin enjoying the gains, and i thought people said when bitcoin gains altcoins fall....guess this crypto myth is busted.
Biggest gains among the top 50 so far we have PIVX,  Ethereum Classic and Litecoin hope to see BTC as a top gainer soon.

Maybe the new investors are not just getting into the bitcoin market, but they are diversifying their portfolio and pouring cash into the Altcoin market as well?  ETH as well is almost $400 and might touch a new ATH if the trend continues. I really thinking that those stocks and gold guys are diversifying and getting into the crypto market now. Perhaps they really think that crypto are really a safe heaven for now and they are taking advantage of the situation for their benefits. Lets hope the trend continue, and if their is a correction, its gonna be minor and a healthy one.

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September 02, 2017, 08:14:58 AM
 #9

I don't really like when people measure value of alts in USD and compare it with Bitcoin, alts are dominantly trated against BTC, and their USD price usually reflect USD price of Bitcoin - except when BTC rises, most alts react by dropping in their BTC value, but when BTC crashes, they rarely increase in their value to compensate for it. This means that performance of alts should be measured in BTC, because you usually have to give up some part of BTC performance for a riskier bet.

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September 02, 2017, 04:10:42 PM
 #10

Had quick glance at https://coinmarketcap.com/ and looks like its not only bitcoin enjoying the gains, and i thought people said when bitcoin gains altcoins fall....guess this crypto myth is busted.
Biggest gains among the top 50 so far we have PIVX,  Ethereum Classic and Litecoin hope to see BTC as a top gainer soon.

Maybe the new investors are not just getting into the bitcoin market, but they are diversifying their portfolio and pouring cash into the Altcoin market as well?  ETH as well is almost $400 and might touch a new ATH if the trend continues. I really thinking that those stocks and gold guys are diversifying and getting into the crypto market now. Perhaps they really think that crypto are really a safe heaven for now and they are taking advantage of the situation for their benefits. Lets hope the trend continue, and if their is a correction, its gonna be minor and a healthy one.

The minor correction just happening now because as soon as I checked the price, it goes down to $4500+, I guess traders can't help but to profit from this massive run lately. Its down to almost 5%, let's see how deep the price can go as I'm expecting some investors would love to see the price at this stage so that they can go buy again. So we have to wait again if we are going to breach $5000, because as I understand it, it the new psychological barrier being imposed by the market. Its a strong resistance but I still positive we can break it though.

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