The free market is a powerful engine that can’t be stopped!
The price of bitcoin topped $3,000 for the first time in history today, according to the CoinDesk Bitcoin Price Index (BPI).
After spending much of the last week seeking direction in the $2,700 to $2,900-range, the average price of bitcoin across major international exchanges edged up over this threshold finally at roughly 17:00 UTC.
The new record comes at a time when alternative digital assets are seeing robust inflows, with ethereum’s ether token setting a new all-time high of more than $300 today as well.
Indeed, analysts spoke to the ongoing broadening of the cryptocurrency market as a tide that is benefitting bitcoin.
“The inflows into ‘alts’ are greater than those into bitcoin. In other words, bitcoin is growing at a very nice pace, but non-bitcoin cryptocurrencies are growing even faster,” cryptocurrency hedge fund manager Tim Enneking told CoinDesk.
Jehan Chu, managing partner at cryptocurrency fund Jen Advisors, agreed, noting that bitcoin is likely benefitting from new investor interest and the surging interest of “cryptos like ether”.
Still, Arthur Hayes, founder of Hong Kong-based digital currency exchange BitMEX, stated that bitcoin is still the “most talked-about cryptocurrency”, even as returns become more substantial in other areas of the market.