Bitcoin goes over US$ 18K on 18th November (Wednesday). The price trending for Bitcoin is reaping to an extent which prevailed in the year 2017. The current price of Bitcoin becomes the highest for the present year. It now holds about US$ 334 Billion in total of its overall market capitalization.
As at the writing of this press release, Bitcoin had crossed the price barrier of US$ 18,000. This was due to the fact that it has gone as high as accumulating 54% increase in less than 30 days. Worth noting is that the legendary cryptocurrency’s performance in a year had remained 123% higher than the US dollars. Similarly, against the US dollars, Bitcoin had gone higher approximately 53% in the past three months.
Meanwhile, in 2017 on Bitstamp a single coin’s price of Bitcoin was recorded as high as US$ 19,600. However, three years ago Bitcoin’s market capitalization was lower than what it has now which is way over US$ 334 Billion. However, today Bitcoin had emerged as one of the most reliable alternate to fiat currencies. In addition it had become a prominent trading product dominating over traditional trading products such as equities, stocks, commodities etc.
For instance some 12 years back a single coin of Bitcoin was available for trading at a price of US$0.08. In simple calculation this would mean that since then Bitcoin’s value had increased with a percentage of approximately 22 million. What if there are people who had bagged a few Bitcoins at that time and still holding them. Of course one can only imagine how much profits those people would take home if they sell their Bitcoins now.
On the other hand, one cannot oust the existence of altcoins like Ethereum, which is currently the biggest blockchain of the world. When it comes to market capitalizing not even the Bitcoin comes any close to Ethereum. A crypto analyst had recently shared his viewpoint on the second largest cryptocurrency at Twitter. He stated that he is expecting ETH’s price to go as high as US$ 10K in the near future.
He added that if ETH continues to grow this way then its value would increase about thousand percent by 2023. He stated further that if this happens then EHT would need to leave Bitcoin behind for at least one market-cycle. The price of US$ 10,000 for Ethereum would then be inevitable, he said.
An article covering the growth of cryptocurrencies in the wake of pandemic had been issued by CoinDesk. In this article CoinDesk had suggested that with Bitcoin and Ethereum, other crypto products will also go high very soon. The article added that world economies are expecting a huge inflation taking place at the end of 2020. More inflation would mean higher prices of cryptocurrencies, the article suggested.