Cryptocurrencies are on the rise. Take bitcoin for example. The currency has broken all its previous records and managed to acquire a value of $2,000 per coin. The information comes from a group of coin exchanges including Coinbase and Kraken. Incidentally, this also puts the value of the total number of bitcoins out there in excess of $32.92 Billion.
Around 3 weeks ago and near the end of April, Bitcoins had a value in the neighborhood of $1,300. A few weeks hence and the currency has over 50 percent of growth to show for itself. Indeed, 12 percent of this meteoric rise came over the last week. Compare this with the time it took it to reach $1,000 and bitcoin seems to be rushing ahead like it has a pack of dogs at its heels.
Interestingly, other currencies are on the rise as well. While bitcoin recorded a rise of 50 percent or so over the past month, Ripple has increased by 1000 percent in under a month. Yup. It is now the second most valuable cryptocurrency in existence. Also on the list is ethereum, which is trading for $130 and at that price point, represents a 2x+ increase in a month.
So yes, the past month seems to have been uncommonly kind to cryptocurrencies. However, bitcoin is no longer the representative or even the currency with a majority holding in the niche. Over the past few months, bitcoins’ share of the total worth of cryptocurrency in circulation has dropped down by over 30 percent. While it used to stay in the neighborhood of 80 percent, it now has a share wise value of 47 percent of all the currencies out there. Despite this massive spike in its value!
There are several best bitcoin online broker apps available like Zebpay and others that you should definitely try your skills with trading a bitcoin.
So today, the total cryptocurrency market has a worth of around $70 Billion. There is speculation that it can do a lot more, and it will have to if it hopes to have the same sort of effect that tangible assets like gold, or the good old Benjamin Franklins have.
