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At this point, it’s no longer a matter of if cryptocurrency can actually take over the market but when. Bitcoin reached an all-time high last Sunday by actually surpassing the $3,000 threshold. Granted, that number has since gone down, but the consistent rise in the value of the digital currency is still worth noting. In fact, recent trends show that the upward mobility of cryptocurrency is becoming unstoppable.
As of writing this piece, Bitcoin is trading at $2668.04 according to Coin Market Cap. Following closely behind is Ethereum, which is currently valued at $407.96. That’s significantly lower than Bitcoin’s worth but is still impressive considering that it’s a relatively recent contender.
In any case, the explosive rise in the value of Bitcoin was largely driven by demands in the Asian market, CNBC reports. This put it at three times its value since December 31, 2016, and 30 percent higher than it was last month. All of this points to the kinds of rising trend that makes the Bitcoin market uncomfortably close to being a bubble, which is exactly how a lot of analysts are choosing to look at it.
Of course, it’s not hard to see the point of the critics when they say that cryptocurrency is nitroglycerin levels of volatile. When Mark Cuban publicly lashed out at Bitcoin in a recent string of Tweets, for example, the digital currency’s value dropped significantly, Futurism reports. It has since rallied, but that particular situation is a stark reminder of just how unstable the market is right now.
On the other hand, cryptocurrency has also managed to garner plenty of believers, including BKCM CEO Brian Kelly. According to Kelly, Bitcoin is in the early stages of what might just a bull market that spans several years. There will be rises and falls in trading, just as with any market, but there’s no getting rid of cryptocurrency at this point.
