Earlier today, on November 1, the bitcoin price achieved a new all-time high for the third time in the past week, surpassing the $6,600 mark on a global average and crypto market capitalization reach a new all time hige capitalization at 184 Bln USD .

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This surge push the others crypto markets to lose their value durring this week, ethereum fall from 310 to 297, litecoin fall from 60 USD to 54 USD, moneron from 95 USD to 85 USD,ripple from 0.21 USD to 0.19 USD, Omisego from 7.5 USD to 6.48 USD, dash from 314 to 274 USD, Zcash 234 USD to 224 USD, NEO from 28 USD to 27 USD, this is very normal and all the crypto markets will recover after th end of the surge of the pric of bitcoin, because traders and shot term investors have move from crypto currency to bitcoin to make profits on this surge .

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Image from coinmarketcap

Now , what are the factors that has push bitcoin to reach this price :

1- On October 31 the world’s largest options and futures exchange, CME Group, has announced it will be launching a bitcoin-based derivatives marketplace :

for future contracts during Q4 of 2017. The U.S. headquartered financial markets company says there is “increasing interest” for cryptocurrency options and futures products for mainstream investors.

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2- The New York Times is reporting President Trump will appoint “Jerome H. Powell as the next chairman of the Federal Reserve (Fed).”

Bitcoiners all over the world will be impacted, as we know USA is largest market for bitcoin, traders are stocking bitcoin because if Jerome H.Powell become the chairman of the fedral reseerve in USA, he will put a lot of restriction on bitcoin trading and bitcoin market in all aroudn the world .

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3- People are buying bitcoin in all the around the world :

the world demand on bitcoin has increase, because everyone want to get free bitcoin Segwit2x, what means that maybe we will see a small correction after the bitcoin fork on 16/11/2107

Read also :

Bitcoin, ethereum and litecoin price analysis 29102017

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