ICO Boom Helps Bitcoin Break $5,000

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This week, Bitcoin refreshed its all-time highs hitting $4,926, according to data from Bloomberg. CoinDesk index says that the price exceeded $5,000 level.
So, this is it. It took about a month for Bitcoin to come back to levels seen early September, even on the back of unfavorable news out of China and negative comments of Russian President Vladimir Putin, and somber forecasts of the IMF former chief economist Kenneth Rogoff. The latter said on Monday that "in the long run, the technology will thrive, but that the price of bitcoin will collapse." But will it?
Yes, the price of Bitcoin came too close to a strong resistance level never broken before. However, given the recent splash of activity in ICO projects, you can be sure – the growth is not over.
According to Coinschedule stats, the total amount raised during the ICO in 2017 is $2,719,758,302. Last year it was just $96,389,917! Its 28 times less than during the first 9 months of this year! And just think – the ICO tokens are bought by cryptocurrency driving the crypto transaction volumes to unprecedented levels. Moreover, the PR of these ICO is also paid in crypto currency. Mostly, Bitcoins . And it’s a huge industry.
Do you still doubt $5,000 is to be broken in the nearest days?


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