“Bitcoin” has been the latest buzzword basking in much adulteration following its price hike crossing the $4580 mark. Coinmarketcap data has revealed exchange traded value of $4576 as on Tuesday which is at least $130 higher than its previous record value reached on 15th August.At the time of publishing this article, Bitcoin price was $4608. With increasing prices of Bitcoin and other major cryptocurrencies, the cryptocurrency market capitalization is sky rocketing.
In Indian Markets, Bitcoin prices was at whooping INR 3,25,000.
Public figures such as Max Keiser and John McAfee feel that this bullish trend is here to stay and the coin value crossing $5000 can be an imminent occurrence. The successful SegWit implementation in the Bitcoin Blockchain network has surged the price of the digital currency which accounts for just Fifty percent of the total cryptocurrency market cap.
(Also Read: SegWit Implementation To Decrease Bitcoin Fees Considerably)
Data published by Coin Dance and Coinmarketcap have been indicating an upward spiralling growth and market dynamics in crypto sphere. Beginning with figures below $90 billion, the cryptocurrency market cap has crossed the $162 billion benchmark. With such mammoth market cap, cryptocurrencies can easily take over major payment networks and national currencies.
The same success story is being paved by Ethereum and Litecoin both of which have been creating constant challenges to its past top performances. Mainstream investors had been showing all the more affinity towards cryptocurrency in comparison to yellow metal shooting up Bitcoin trading volumes.
DASH, the silent crypto darkhorse also shocked the cryptocurrency community when it touched it crossed $400. The digital cash cryptocurrency was around $8 in January 2017 and reached as high as upto $409 recently, thus fetching more than 3500% return in just Eight months. ( read full details )
A similar event was observed in the case of Monero (XMR) when it touched $148.
The constant rise in few cryptocurrency forms is also becoming the cause of major concern among investors. For example Dogecoin which started off just as a joke has generated a market capitalisation for itself nearing $200 million.
Bitcoin Cash has also registered tremendous growth paving its way to claiming $800 market cap after miners experienced deep rooted profitability using the same.
The increasing regulatory landscape could cause widespread handicap in the cryptocurrency sector in days to come. The ICO tokens being brought under stringent scrutiny by Chinese and US lawmakers this week can increase the hurdles of crypto market functioning. Just like growth hike, cryptocurrency market has also been at the receiving end of massive crashes in the past. However the increased number of institutional investors joining the Bitcoin brigade shows signs of maturity of this crypto network.
Suggested Article : Top Ten Cryptocurrencies | Best Altcoins August 2017
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