Here’s Why Bitcoin Rose More than $1,000 in Two Months
Bitcoin is the world's most popular cryptocurrency, and its value continues to reach new heights. Here are a few reasons this relatively unknown digital coin was able to make the climb from obscurity to the mainstream consciousness.
OUTSTANDING PERFORMANCE
So far, 2017 has been an eventful year for Bitcoin.
The platform recently endured a hard fork that saw it split in two and come out seemingly unscathed. Meanwhile, the cryptocurrency has risen from relative obscurity to become a popular topic of discussion in the mainstream, with everyone from Bloomberg to Forbes covering it regularly. The year isn’t even over, and bitcoin has reached numerous milestones already, both in terms of its own history and that of cryptocurrency in general.
Overall, Bitcoin seems to be steadily trending upward, with even greater heights predicted for the platform’s future. So, how did a cryptocoin originally associated with the internet’s darkest corners become a popular contender for the future of financial and other transactions?
Longevity seems to play a factor. After years of trading, the coin has proven itself as here to stay, leading to years of value increases — first a steady rise from 2012 through 2016, and then a more dramatic surge that is still ongoing today.
Image Credit: BitcoinCharts.com
A cryptocurrency researcher who goes by the Twitter handle “Jack Sparrow” shared a comparative overview of just how fast bitcoin’s value has risen.
After it was created in 2009, bitcoin needed roughly seven years to reach a $2,000 valuation. However, the crypto saw the same level of increase from $2,000 to $4,000 in a matter of just 85 days.
GENERATING CONFIDENCE
The numbers are backed up, of course, by confidence from larger institutions. Big financial firms like Goldman Sachs, J.P. Morgan, and Fidelity Investments are now invested in the crypto, and nations such as China, Japan, and, more recently, Australia have started considering more permanent roles for cryptocurrencies in their respective economies as well.
All of this large-scale support is giving smaller organizations and individual investors confidence in the crypto.
The growing popularity of blockchain enterprise use has also contributed to the successes of Bitcoin and other platforms. As more institutions in the financial industry and beyond look for ways to utilize the decentralized and secure digital ledger, the cryptocurrencies that spring from these blockchains also get a boost.
Are we witnessing the beginnings of a truly cashless future? Only time will tell, and as with any revolution, Bitcoin has many hurdles to overcome before it can truly transform our society. Right now, though, the crypto is clearly on the rise.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.
Bitcoin Cash bounces after 14% tumble Prices of bitcoin and Bitcoin Cash rebounded on Tuesday, while ethereum remained under pressure, further retreating from recent all-time highs. A single bitcoin BTCUSD, +0.23% was most recently up 2% on the day at $4,139.87, after dropping to as low as $3,687 in morning trade. At the session lows, the virtual currency had briefly been pushed into correction territory, defined by technical analysts as a 10% or greater fall from a recent peak in an asset. Bitcoin hit as low as $3,687 earlier on the day, which would represent a 16.7% decline from its mid-August record close above $4,425, according to virtual-currency site Coindesk.com . At current levels it is 8% below that peak. Even after the stumbles, bitcoin’s price is about 400% higher since the start of the year, with a market cap at $68.7 billion, according to digital-currency research site Coinmarketcap.com . Meanwhile, ethereum’s ether token retreated, coming off a recent reco
Bitcoin price drops back below $4,000 - but what next? CREDIT: BLOOMBERG Mark Molloy 22 AUGUST 2017 • 2:33PM B itcoin slumped back to below $4,000 after a wave of record highs since its split into two separate cryptocurrencies. The price of the virtual currency had soared to a record new high of $4,500 on Thursday , but is now trading at $3,977 - a seven-day low. Bitcoin prices have been rising steadily over the past two weeks following an event known as a hard fork, which resulted in two competing strands of the cryptocurrency emerging . Paid content 5 Ways to Build Wealth Outside the Stock Market yieldstreet The Most Important Map of America You Will Ever See (See Map) Banyan Hill Publishing Recommended by The virtual currency’s online community became divided over the best way to process bitcoin transactions following a surge in popularity this year, leading to the split. A nalysts remain divided over t
The Japanese Financial Services Agency (FSA) has announced that it received registration applications from 50 Bitcoin exchanges as of August 2017. The applications are being reviewed for compliance. A report by the local newspaper Sankei Shimbun claimed that the agency has started their review on whether the exchanges dealing with virtual currencies like Bitcoin have implemented measures aimed at protecting their users. State of the digital currencies in Japan The government of Japan amended its fund settlement law in April 2017 to allow recognition of Bitcoin as a legal payment method. Many have credited that decision with Bitcoin’s extraordinary bull run this year . With that approval, the FSA was required to ensure the registration of virtual currency exchanges in the country. Exchanges must be registered by the end of September. Under the law, the FSA should ensure that the exchanges are compliant with the requirements before they can be officially registered. Amon
Jack Sparrow
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