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Sunday, October 22, 2017

Crypto News: Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history

Bitcoin breaks above $6,000, and $100 billion in value for the first time in its history

The world’s most prominent digital currency was on track to mark a fresh milestone on Friday, with bitcoin rallying and putting the cyber currency in position to hit a total market value of around $100 billion.

Such a valuation would place the No. 1 cryptographic currency above or on par with blue-chip companies on the Dow Jones Industrial Average DJIA, +0.71%  like United Technologies Corp UTX, +1.21% with a market value at $96 billion, American Express Co. AXP, +0.21%  at $82 billion, Caterpillar Inc. CAT, +0.45% at $77 billion and Travelers Cos. Inc. TRV, +0.11%  at $36 billion.

To be sure, it is questionable to draw value parallels between the asset and more traditional companies, but it highlights the stratospheric rise of bitcoinBTCUSD, -5.29% which didn’t exist a decade ago.

A single bitcoin also broke above a milestone of $6,000, reaching an intraday high of $6,064.14 Friday afternoon, according to research and data site CoinDesk.com. Bitcoin also boasted a market value of roughly $100.81 billion at its peak on the day, according to data site Coinmarketcap.com. The move comes just as the Dow cleared its own psychologically important level of 23,000 on Wednesday.


Full story at http://on.mktw.net/2yIVKxL


Source: MarketWatch


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