Another currency worth watching is crypto-currency Bitcoin, which crossed the $700 mark for the first time since June this year.

Price of Bitcoin in US dollars today: 1 BTC = 724.7 USD.

Price of Bitcoin in British pound today: 1 BTC = 588.28 GBP

While the rest of the world speculates about the US Federal Reserve rate hike in December and the US Presidential elections, Bitcoin has silently been on a tear away rally.

The crypto currency is quoting at $733.32, starting November with a bang, after the massive rise in October.

The 52-week high in the bitcoin is $781.31. Looks like Santa has arrived early for the Bitcoin traders.

Increased demand in China is boosting Bitcoin price rise

While the Chinese Yuan has seen the largest monthly drop since 2015, most of the Chinese traders have flogged to Bitcoin to hedge their Yuan exposure. China is central for the bitcoin movement as it generates the maximum volume.

“There is a premium in bitcoin pricing in China as a hedge against the yuan," said Jack C. Liu, Hong Kong-based chief strategy officer at OKCoin Co., one of the biggest Chinese exchanges for the cryptocurrency. “Strength is likely to carry into year-end," reports Bloomberg.

New crypto currencies boosting the value of Bitcoin

The new entrant Zcash made a strong debut, temporarily making paper billionaires of its founders. Zcash is already quoting at $498 a coin. Similar to the stock markets, where a strong company lifts all the other companies in the sector, the new entrants have boosted the price of bitcoin.

The uncertainty regarding the US elections, the Fed rate hike and the talks of a black swan event have sent investors flocking into bitcoin.

Nevertheless, bitcoin has its own problems to overcome. Hackers are always on its trail, it has found itself losing its most prized possession, anonymity, parties are warring about how to increase its transaction capacity.

Hence, bitcoin is not for the average investor and the allocation size should be small as bitcoin is known to be highly volatile.

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