Topic: [2017-08-15] Bitcoin Sets New Record High of $4,483 in Overnight Trading (Read 2707 times)

I have noticed this in most of the countries. The LBC prices (in local currencies such as IDR, INR and KRW) are on average 4% to 8% higher than the exchange rates in established fiat currencies such as USD or GBP.

It s quite the opposite situation in my country. Here the average LBC purchase prices are at least 5% higher than the rates in Coinbase or Bitstamp. And this has been the case for at least one year now.

It was very incredible to see this price, we can reach the  $5000 and then who knows to dream of the possibility of reaching $6000 before the end of the year if we have no problem in November.



I always wanted to know why in localbitcoin, bitcoin is very expensive?

These levels above $4,000 were actually experienced in the Far East back during the spring ATHs when demand far outstripped supply. I suppose it was just a matter of time global prices caught up with that willingness to buy. It's been noted that the majority of this week's volume came from the same region, so we see a continued trend of demand-fueled pricing.

What I've noticed since the $3,000 mark is that LBC traders have been buying below the average price, at least in Malaysia and EU. I used to be able to sell very close to that, but now always about $200 below average.

The price of bitcoin continued its recent bullish surge last night, reaching a new all-time high of over $4,480.

The news follows days in which the climbing value of the digital asset has seen it repeatedly break new ground.

Since May, bitcoin had been fluctuating in the mid to high $2,000s, then August 4 saw enthusiastic trading that catapulted prices upwards – quickly reaching the $3,000 mark and just nine days later passing $4,000 for the first time ever.

In a likely surprise for those expecting a sell-off, a fall never came and, yesterday, bitcoin surged on to hit an astonishing $4,483 at around 3:50 a.m. UTC.

Reasons for the buoyant market have been put down to growing interest in the cryptocurrency space by institutional investors, alongside the passing of a split of the bitcoin network to form a new cryptocurrency on August 1. When that event – which saw the creation of a rival digital asset called bitcoin cash – passed uneventfully, money seemingly held back by cautious traders poured into the asset.

Since opening today at $4,382, however, prices across global exchanges have fallen somewhat, and at press time were around $4,200 – a drop of 4.15 percent, according to the CoinDesk Bitcoin Price Index.

Looking at the industry more widely, the combined market capitalization of all cryptocurrencies today sits at around $138.7 billion – down from $141 billion yesterday, data from CoinMarketCap indicates. Bitcoin's market cap currently stands at over $68 billion.

https://www.coindesk.com/bitcoin-sets-new-record-high-of-4483-in-overnight-trading/