Bitcoin Reaches $2,000 Record Milestone!

22.05.2017

Ebb and flow, hype and disappointment – the cryptocurrency Bitcoin has been switching between those two ever since it was first unleashed on the world. And it’s on the top again. By reaching a price of 2,000 dollars per coin for the first time, Bitcoin has broken yet another record – maybe this time it will last?

2,000 per coin is extremely impressive for the world’s most popular cryptocurrency. With all Bitcoins in circulation, that price puts the total market cap of the currency at almost 32.92 billion dollars. Many people who have followed the rises and falls will wonder how this could have happened again. Back in 2013, Bitcoin first hit 1,000 dollars, but then fell hard.

After the fall of exchange platform Mt. Gox, Bitcoin was floating between about 200 and 300 dollars per coin. Then slowly, but surely it started climbing back. In 2017, it stopped climbing and started flying. Just two months ago, in March, the currency was worth around 1,000 dollars. Since then, it has managed to double its value.

It is difficult to make out exactly why Bitcoin has been doing so well. It might just be another high jump before a big fall. But even if Bitcoin falls and stays consistently between 1,000 and 1,500 dollars, it will have stabilized. Moreover, other cryptocurrencies are on the rise as well. Ripple, which is a centralized currency aiming to work closely with major banks, has grown tenfold in just a month, becoming the second most valuable cryptocurrency behind Bitcoin. Ethereum, another popular block-chain based currency, has also doubled in value over the course of last month.

So it’s mutual growth all over. This might mean that cryptocurrencies are just finding acceptance and the market is finally ripe for them. Or it might mean that they are more vulnerable than ever – if one starts falling, the others will likely follow.
 

Source: https://techcrunch.com/2017/05/20/btc2k/
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