Published on October 12th, 2017 | by bitcoin0
Bloomberg is saying that Bitcoin is returning to prominence in the Cryptocurrency sphere.
Bitcoin is so close to making a new record and it could be because it’s taking market share from its smaller cousins.
The largest cryptocurrency crossed $4,500 on Monday and is now hovering right below the $5,000 line.
Behind the rally could be reports saying the Chinese government will ease recent regulations and that Goldman Sachs is exploring how it could help clients trade cryptocurrencies.
Also, there’s yet another split — a.k.a “hard fork” (or even two) — looming, but that might be bullish as bitcoin rallied after the split into Bitcoin Cash earlier this year.
“There has been a rotation of money out of the lower-quality names and into bitcoin,” Ronnie Moas of Standpoint Research said in a message.