News From The Crypto Currencies Scene

Crypto Market Nears 400 Billion

Crypto Market Nears $400 Billion

The value of Bitcoin has experienced a surged on the back of a strong trading session at night on Tuesday, having risen by 10 percent to top $14,000 for the first time.

The Bitcoin's continuous upward movement in the past 24 hours in which its price has increased by over 20 percent across global exchanges, contributes to a gain of $2000. Now, it is only behind the largely unknown crypto asset TRON to become the second best performing asset during the trading period.

According to the CoinDesk Bitcoin Price Index (BPI), the value of one Bitcoin was just under $12,000 on Tuesday, before gaining traction to reach $14,000 on Wednesday. In the process, Bitcoin has set a new all-time high of $14,097 on the BPI.

Speaking of the Bitcoin's momentum, the crypto hedge fund manager Alex Sunnarborg of Tetras Capital, suggested that long-time market observers are fearing of missing out and embracing the crypto currency as it would prepare for its debut in futures products next week. He added that those who had Bitcoin and went into alternative currencies are coming back to Bitcoin.

The big losses in cryptocurrencies such as BitShares, Siacoin, Einsteinium, MaidSafeCoin and MonaCoin, all of which experienced near-10 percent losses, add weight to Sunnarborg's comments. According to CoinMarketCap, just three among the top 20 assets had posted gains in the last 24 hours.

However, the market has picked up on a whole and now nears $400 billion, an astonishing 40-fold increase from just under $10 billion at the start of 2017.

The digital currency, which was trading around $1,000 at the start of 2017, has experienced a tremendous year. As the value of Bitcoin soared past the $10,000, many of experts believed that the asset still had far to soar, some projecting it to go as further up as $45000 by 2018 end.

With the price of Bitcoin touching a new record and in close distance of the $15,000 mark, an esteemed FX and crypto trader understands that the Bitcoin can fall big and would be replaced by other alternatives for payments and trading.

There are many other who called Bitcoin a speculative bubble with nothing tangible at its core and which might burst at any time.

The crypto currency continued on its march skywards, achieving a fresh all-time high breaking the $14k barrier for the first time. And, as the time of writing, the value of Bitcoin was hovering at $14,600.

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