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Alternative Market Briefing

Cryptocurrency market seen to steadily rise
Friday, October 13, 2017

Komfie Manalo, Opalesque Asia:

All indicators are pointing an upward direction for the cryptocurrency market, according to a report by Financial Buzz. So far this year, bitcoin has gained over 380%, and on Thursday, the cryptocurrency rose 11% to reach an all-time high of $5,386.23, reported CNBC citing Coindesk. Thursday's close surpassed the previous high of $5,013.91 hit last September 2.

Even former Fortress Investment Group hedge fund manager Michael Novogratz is going all-in on bitcoin despite describing it as a bubble and predicted that the digital currency could reach $10,000 in six to 10 months, largely because of heavy investor interest. "I can hear the herd coming," he said during an appearance after market hours on CNBC's "Fast Money." He likened bitcoin to digital gold.

The billionaire plans to invest $500m in cryptocurrency-related companies, including Global Blockchain Technologies Corp., Bitcoin Services Inc., BTCS Inc., Digatrade Financial Corp., MGT Capital Investments, Inc.

According to another new report from Market and Market, the cryptocurrency market was valued at $541m in 2017 and is expect......................

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