Bitcoin price hits new high, and the soaring market shows no signs of turning back

The price of Bitcoin hit a new high in the Asian session on Wednesday (November 4), and the recent surge shows little sign of turning around.

     The quotes released by BITSTAMP show that Bitcoin/ US dollar (XBT/USD) rose from around 360 to 390 yesterday, and soared to above 430 in the Asian session of this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

     The quotes released by KRAKEN showed that Bitcoin/ Euro (XBT/EUR) rose from around 320 to 360 yesterday, and further soared to above 380 in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart Source: Bloomberg, FX168 Financial Network)

     The quotes released by Huobi.com show that Bitcoin/ CNY rose from around 2215 to 2626 yesterday, and further soared to 2968 in the Asian session of this trading day.

(Bitcoin/RMB 30-minute chart Source: Huobi.com)

     On the industry side, CNBC reported that industry insiders are optimistic about the future of Bitcoin, believing that it will be widely used like the Swiss franc and Australian dollar.

     Magister Advisors interviewed 30 of the world's leading Bitcoin companies and found that they all agreed that Bitcoin will become the world's sixth largest reserve currency in the next 15 years.

     Many observers believe that the real value of Bitcoin lies in its core blockchain technology, which makes all Bitcoin transactions public and transparent. According to a survey, the world's 100 largest financial institutions are expected to invest $1 billion in blockchain-related projects in the next two years.

     "We have now reached a fork in the road between Bitcoin and blockchain, where Bitcoin has proven itself as an accepted currency and, more importantly, blockchain, which will become a globally standardized distributed ledger for financial transactions," said Jeremy Millar, partner at Magister Advisors.

     At 12:21 Beijing time on November 4, Bitcoin/USD was 437.40, Bitcoin/Euro was 384.60, and Bitcoin/ RMB was 2943.50.