Bitcoins, the honcho to a successful crypto world.
November 22, 2017 7:17 am,
The price of bitcoins which is currently at around 8224 US Dollar, has slashed its way to its all-time high mark.
The absolute and the most pivotal reason for the bitcoins price hike is undoubtedly the increasing mainstream adoption and awareness of bitcoin and cryptocurrencies more generally. According to a study, around 78% of Americans know and are aware of bitcoins and its features.
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Even with the unappealing and ill-favored news running the errands, like the Chinese authorities shuttered local cryptocurrency exchanges, while JP Morgan Chase Chief Executive Jamie Dimon dubbing bitcoin to be a fraud, bitcoin has continued to balloon.
Some other reasons for the upward fluctuations in the BTC world are a result of a combination of several developments. It goes as:
- In late October, the CME group which is the world’s largest exchange owner opened up to bitcoin trading. Hence, helping boost the BTC legitimacy.
- At the start of November, a controversial bitcoin blockchain hard fork was suspended.
- Bitcoin classic ended up shutting down in favor of Bitcoin Cash.
- CBOE, an options exchange, has released new technical details about futures trading in bitcoins.
- Japan has been embracing cryptocurrency by putting rules on the books to allow consumers to pay for goods and services with bitcoin.
- In India, the Department of Economic Affairs, Ministry of Finance is examining the existing framework around Virtual Currencies.
- The Russia’s Deputy Finance Manager hopes to legalize bitcoin and other cryptocurrencies as a financial instrument in 2018.
The combined Altcoins market cap buzzed off barriers, as did BTC and earmarked a crackling $100 billion mark. This same market cap of the altcoins has multiplied 5000% in the current year. They began with a market cap of $2.2 billion and now they’re here.
The driver of this upliftment is primarily Ethereum. Not only has the ethereum price surged by roughly $350 since January 1, but the rise of ethereum-based initial coin offerings (ICOs) has injected billions of dollars in new capital into the ecosystem and captured the attention of mainstream investors.
ICO listing had raised six times as much money in 2017 as they did during all of 2016.The rising incidence of these token sales has pushed many investors to Bitcoin. The enthusiasm that investors have for these digital assets is based on all the upcoming ICO and those that have already taken place. The ever-increasing ICO news and media coverage makes BTC a lot more captivating than it otherwise is.
Volatility at its best, that’s BTC for you.