ISLAMABAD: Ethereum and Bitcoin appear on way to hit the record high price in coming days. Today (Nov 9/11am), Ethereum edged up to over $4,805, the highest level so far and this digital currency is expected to hit $5,000 anytime.
Market capitalisation of Ether has surged to $570.065 billion record level in recent weeks. Crypto analysts have predicted $10k next target for Ethereum as the market for cryptocurrency appeared to be bullish.
Similarly, Bitcoin price as increased to $68,180 today (Nov 9 morning) and in coming days, once again it will cross $70k level and might continue upward journey towards $100k prediction of market analysts.
Bitcoin’s market cap has increased to $1.283 trillion today and its trading volume in last 24 hours was $40.956 billion, the highest-ever amid growing demand and value of this digital currency.
A few weeks ago, value of Bitcoin fell to $60k from $73k because of profit-taking in the market. However, continued interest of investors and institutions in buying more coins raised the value of Bitcoin to above $68k today. The way the value of Bitcoin is growing constantly, it appears that the coin will fulfill the expectations of analysts and hit $100,000 level in coming weeks.
Importantly, the combined market capitalisation of Bitcoin and Ethereum has expanded to $1.853 trillion on Nov 9 (11 am PST).
Advice for Investors
At this stage, institutions and investors can take benefit from profit-taking during little fluctuations in the prices of leading cryptocurrencies. Nonetheless, new investors should cautiously make investment in Bitcoin and Ethereum. About six months to one-year holding of these coins can be good choice for new buyers. Profit-taking, nevertheless, is the best option to stay safe from facing losses.
Mining of Bitcoin and Ethereum these days is very productive. Ethereum’s mining can be started with desktop computer having best quality graphic card which is used for computer games. But for mining of Bitcoin, only a specialized machinery (mining machines) are being used the world over. Individuals may not be in a position to buy expensive Bitcoin mining machines, however, companies and institutions are carrying out mining with machinery in the United States, UK, Uzbekistan, Indonesia and some other countries which have legalized Bitcoin mining and trading. China has totally banned mining and trading of Bitcoin and altcoins.
