Since the past few years, we have seen a lot of ups and downs in the price of Bitcoin. This time Bitcoin has seen a huge spike in its price since March 2018, being first time broken above $10,000. There has also been a remarkable upsurge in the value of different Cryptocurrencies. In the last 24 hours, Bitcoin has seen a surge of about 10% before reaching this milestone.
According to the CoinMarketCap Price Index, Bitcoin, the world’s largest Cryptocurrency, has sawed the jump to reach the price $10,831, making it’s overcapitalization to reach $200 billion. Since February, this spike has seen in the Bitcoin’s price when it was trading well below $4,000. This price has been reached after one year in which it has seen a steady decline in its price that withdraws dramatically from late 2017 peak of close to $20,000.
As we already have seen the high price of Bitcoin in previous years, comparing it to the present, one can hope for the Bitcoin’s price to go beyond the previous record. One Crypto enthusiast twitted, “this really is amazing, it has 2017 written all over it… where does bitcoin stop this time?” Well, it’s difficult to predict the Bitcoin’s price, but as the expert says, it could pass the 2017 peak in the coming months.
With Bitcoin, many other Cryptocurrency such as Ethereum, Ripple, and Litecoin has also seen the gain in its price with about 20% to 35% over the last month. Still in comparison to Bitcoin, other all Cryptocurrencies are too behind to compete to its level.
Bitcoin has been in news a lot recently and with it, one more news came which has become a hot topic in between the traders and investors. Facebook has announced to launch its own version of Bitcoin named as Libra in the upcoming year 2020. According to the experts in Cryptocurrency, Facebook is not being rival to Bitcoin; instead, it will add legitimacy to space and will give a boost to the Cryptocurrency industry.
Steven Eliscu from DMG Blockchain told The Independent, “The Facebook-created blockchain is a reinforcement of the long-held idea in the Bitcoin community that a financial services system built on the blockchain will supplant legacy bank-based systems. In the immediate future, Libra provides a huge overall boost to the sector that we believe will catalyze institutional and government acceptance such that – at least the top – public Cryptocurrencies are here to stay and will remain an ever important asset class that hundreds of millions of people will hold.”
Bitcoin’s surge to go high, Facebook urges to go beyond, other Cryptocurrencies moving high at their own pace but in the Cryptocurrency market, Bitcoin has been the leader since past few years and should try to either stabilize or go beyond its own level.