Bitcoin Sets New Record, Now Worth Over $7,000

Pappi Hex

Bitcoin has set a new record as it surge past $7,000 for the first time, breaking another milestone less than a month after it reached $5,000.

 The digital currency which has been building on consecutive highs in recent days is up over 20.56 percent, and its market capitalization is now peaked at over $116 billion.

 Pricing for Bitcoin soared 12 percent to a peak record of $7,392 before falling back slightly to $7,025 at 8:53 a.m in New York. The cryptocurrency which is up almost sevenfold this year is now worth more than $100 billion.

"It is simply remarkable how resilient bitcoin has been in the face of significant negativity," said Lukman Otunuga, a research analyst at ForexTime, in a Nov, 1 note to clients. "This price action suggests that bulls have a very firm grip."

Elsewhere in the crypto markets, Bitcoin Cash is still making gains as it traded at around $546. The newly created cryptocurrency rose over 13.63 percent over the last 24 hours, rising at an amazing 62.16 percent over the last 7 days.

 The combined market cap for all cryptocurrencies is at a record high of $185.5 billion. As at press time, a Bitcoin goes for $7,075.90.

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