Bitcoin valuation hits $2 000 highBy Robin-Leigh Chetty 22 May 2017 | Categories: news
Bitcoin is a cryptocurrency that many find hard to come to grips with. Nonetheless, Bitcoin has been resilient and recently reached an all time high valuation on the $2 000 for the first time, according to CoinDesk, with the margin continuing to rise.
Engadget, however, is quick to point out that this milestone is purely symbolic, but does note that the online currency appears to be on the rise in major Bitcoin markets like China and Japan based on improved regulation. These two markets recent change in regulatory stance regarding Bitcoin saw the valuation rise a few hundred dollars in the past couple months, says CoinDesk.
You may want to hold off on snapping up as much Bitcoin as you can though, with TechCrunch noting that Bitcoin’s share in the cryptocurrency market has taken a relatively sharp decline in recent months too. In previous quarters, Bitcoin commanded as much as an 80% share in the market, but in the matter of a few weeks has fallen to 47%, giving way to the likes of Ethereum, Litecoin and Ripple.
The precise reason for the loss is not known, but Engadget believes it may have to do with Bitcoin's ability to scale, which is reportedly impacting the speed of transactions. If you've invested heavily in the cryptocurrency, it may be a good idea to keep on eye on its performance over the next few months.
Most Read Articles
Have Your Say
What emerging technology holds the greatest potential?