Bitcoin sees buying binge as price smashes new records in market boom | City & Business | Finance


The virtual currency has seen a flurry of activity as it underwent a ‘fork’, splitting into two currencies Bitcoin and Bitcoin cash. 

Investors feared this could rock the market, but it has shown incredible resilience to smash £2,609 ($3,400) for the first time. 

The fork fears have subsided with trading recovering from a significant dip. 

And rival currency Ethereum is reporting renewed strength, with its figures also climbing. 

Commenting on the split fears, Aurelien Menant, chief executive officer of Gatecoin Ltd., a cryptocurrency exchange in Hong Kong, said: “The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin.

“The activation of SegWit is a significant milestone in bitcoin’s technological evolution.”

And Standpoint Research founder and analyst Ronnie Moas previously predicted the online currency will smash £3,838 ($5,000) per token next year, and £38,380 ($50,000) in 10 years.

He also was positive about Ethereum, saying that too could double in value to reach £307 ($400) later this year. 

The report, published in July, estimated Bitcoin could encroach into other markets such as bonds, stocks, fiat currencies and precious metals as its popularity soared. 

Mr Moas said cyrptocurrencies would likely sustain their stellar performance. 

He said: “I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot.

“In life, you miss every shot that you do not take. It will probably be more upsetting to watch it from the sidelines go up another 1,000 percent.”

With the two currencies storming ahead in the market, Mr Moas projected one other – digital currency Litecoin – could also begin to see serious movement in the markets. 

He projected it would increase twofold to £61 ($80) per coin. 

But despite Bitcoin’s resounding success as the buying binge continues, Ms Menat said it was not out the woods yet. 

She said: “The scaling debate is not over yet.

“The promised 2 MB block size increase due in November in accordance with the SegWit2x agreement may still be rejected by certain stakeholders.”

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