BITCOIN Reaches New High
If you aren’t paying attention it may be easy to miss something phenomenal happening in the background of the internet. Early Sunday morning, Bitcoin value began to increase drastically to just under $20,000 per unit. The value of the internet currency increased over five percent in under 24 hours, a sharp increase that has pointed a lot of attention at the cryptocurrency. At the onset of 2017 a single bitcoin valued at approximately $1,000. The sudden rise to the value of $20,000 marks an annual increase of almost 2000% and is directing a lot of attention and investment in other forms of cryptocurrency.
Bitcoin may be the most talked about cryptocurrency in the United States, but it is far from the only option in online currency. This week is seeing a sharp rise in value across the cryptocurrency spectrum, and several lesser-known currencies are seeing exciting jumps in value alongside Bitcoin.
Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) have all seen between a three and seven percent jump in value in the past 24 hours. The monetary value for each of these is lesser than that of bitcoin due to the smaller nature of these currencies, but investment opportunity is still rampant with these small scale increases.
More similar to the financial excitement among Bitcoin followers is the excitement surrounding Cardano, which has seen an increase of over 90% in the past 24 hours. This cryptocurrency is largely out of Japan and is similar to Ethereum. It incorporates smart contracts with enhanced features for privacy protection, and is seeing a sharp increase in value at an exuberant rate.
It is this exuberant rate of increase that has a lot of people looking at the reason for the sudden rise in value of Bitcoin and similar currencies. Over 90% of economists surveyed stated that the price surge in Bitcoin’s value is driven by speculation on the future potential of the block chain technology. This leads many cryptocurrency enthusiasts and economists to believe that the increased value is something that can be expected to become stagnant, and that the sharp increase is not anticipated to be followed by sudden and damaging declines.