Prices of bitcoin soar to a new record trading at $4700 today as demand for cryptocurrency jumped following North Korea’s missile test over Japan. A figure that is up roughly 4% from a previous high of $4522.13 on August 18.
Since the start of the month, bitcoin has gained more than 60% and it is up about 360% so far this year, according to Coindesk.com.
The price increase came as cryptocurrency prices edged up over the day. Bitcoin’s growth started at 12.20 UTC and since that time the price of bitcoin has been up more than $100. Prices of Ether, the blockchain currency trading on Ethereum platform, also rose sharply, up nearly 5% at $364.85. Despite this, Ether is still below it’s all-time high $383.58 reached in June.
Bitcoin’s run-up is unlike any other asset, according to analyst at Bespoke Investment Group. They compared this rise to the bubble like rises in 1990, like Technology, Homebuilders and Biotech. Bitcoin’s massive increase does not look like anything from the other bubble-like trends.
It is certainly something exciting to watch out for.
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