Cryptocurrency, a form of digital payment that is peer to peer and transactions take place between users directly. This system known as Bitcoin has broken many records. But the question remains will it break more records before this rush gets over? The price of Bitcoin is continuously increasing breaking another record of $2000 mark. The latest bid shows that Bitcoin has a total market of $ 32.92 billion.
This quick increase in the price reveals the importance of cryptocurrencies. As far as Bitcoin is concerned it has experienced a substantial price increase in the past that then declined as quickly as it rose. Recently the fear of currency fragmentation has driven the prices back to below $ 1000.
The $1000 mark was broken in the year 2013. But when a major Bitcoin Exchange known as Mount Gox was shut down, the cryptocurrency descended into a decline that people thought it would never pull through.
However the price of Bitcoin swiftly raised again. Recently it exceeded the price of gold on a basis of an ounce to a coin. This raise marked a new record in the history of currency.
Coindesk Bitcoin price chart
Mati Greenspan, a Senior Markets Analyst at eToro put the progression of the cryptocurrency into the view, that: “Long-term Bitcoin loyalists have made a handsome return. Nearly seven years ago to the day, the first real-world Bitcoins transaction was completed in Florida, when two pizzas were bought for 10,000 Bitcoins. If you’d invested $100 in Bitcoins that day and left it there, you’d be sitting on over $20m right now.”
The already eminent status of Bitcoin has recently increased by the help of global WannaCry ransomware attacks. The attackers demanded ransom in the form of cryptocurrency. Some people thought that this would be damaging to the price, but it does not seem to be the case.
Mr Greenspan also said that “One might have expected that the WannaCry cyber-attack – in which hackers asked for payment in Bitcoins – would have had a negative effect on the price. But it seems like not even a worldwide ransomware attack can prevent the rise of Bitcoins.”
The price rise is represents the over-all increase of interest in cryptocurrencies in general, not merely for Bitcoin, Mr Greenspan said: “While Bitcoin has taken most of the limelight recently, other cryptocurrencies such as Ethereum have also been experiencing major landmark moments. It is currently trading at an all-time high of $124, having broken $100 for the first time on Thursday.”