Creating history, Bitcoin valuation tops $2,000 per coin

By : |May 23, 2017 0

Bitcoin, the world’s most popular cryptocurrency, has broken all its previous records and achieved a new milestone with the value of Bitcoin reaching $2,000 per coin for the first time in history.

Bitcoin was trading as high as $2,185.89 in the early hours of Monday morning, hitting a fresh record high, after first powering through the $2,000 barrier over the weekend, according to CoinDesk data, a news site specialising in bitcoin and digital currencies.

CIOL Creating history, Bitcoin valuation tops $2,000 per coin

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The bitcoin price on 24 March was the US $935. It has risen to a new high every couple of days since.

Back in 2013, the Bitcoin value hit $1000 for the first time. However, it soon slipped down significantly after there were some issues with one of the largest Bitcoin exchanges, Mount Gox.

“Nearly seven years ago to the day, the first real-world Bitcoin transaction was completed in Florida, when two pizzas were bought for 10,000 bitcoins,” said eToro senior markets analyst Mati Greenspan to CCN in an interview. “If you’d invested $100 in Bitcoin that day and left it there, you’d be sitting on over $20 million right now.”

We really feel sorry for those who are regretting their decision of not investing in bitcoins.

No, WannaCry is not the reason for this growth. Japan is the reason for this increase. In mid-March this year, Japan legalised the cryptocurrency as a payment method. Japan witnessed a huge spike in bitcoin trade which has impacted the bitcoin price in Japan, and the global prices have followed suit.

“The Japanese have caught the Bitcoin bug and inefficiencies across markets are being exposed,” CryptoCompare founder Charles Hayter said to Business Insider. “Irrational exuberance is taking hold as the Japanese stumble over each other to enter the Bitcoin market and drag up international prices.”

Along with Bitcoin, other currencies are also on the rise. For example, Ripple has increased by 1000 percent within a month and now it is the second most valuable cryptocurrency in the world.

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