© Manuel Romano / Global Look Press
The world's most popular cryptocurrency has appreciated nearly 50 percent over the last month of trading, with data from the CoinDesk BPI indicating that the price of bitcoin was $2,423 on June 12.
The most dramatic growth has taken place over the past week, after bitcoin split into two to create a spinoff cryptocurrency called 'bitcoin cash.'
The split, which took place on August 1, came after an ongoing battle among the cryptocurrency community over the rules that should govern bitcoin's network.
Bitcoin is up nearly 25 percent on the week since the split, while bitcoin cash has risen 17 percent.
Some analysts have predicted that bitcoin will continue to rise in value, with Ronnie Moas of Standpoint Research, a company that specializes in investment and stock recommendations, predicting it will reach $5,000 by 2018.
"It would not shock me to see cryptocurrencies go to 4 percent" of global investment assets, Moas said earlier this week, as quoted by Quartz.
"Before anyone laughs at me for suggesting that something like that could happen-just look at what happened [in bitcoin] in the last five years. People who put in $10,000 made $1 million already. It happened already and I think it will happen one more time. We are in the 15th minute of a 90-minute soccer game-and it could go to overtime."
Reader Comments
A hypothetical entity, floated on a fixed market and its presence is there to cement the progress of removing cash out of the system.
RC
Many civilisations used Gold to create jewellery, then associated it with their idols and it wasn't until the Egyptian's used it as a means of exchange did it moved from being pretty to having a exchange value.
Yet I can't but think that this metal was introduced and not found initially, sorry but Alien's and their advanced understanding of it properties were most probably involved.
Odds were we're genetically 'improved' hybrids; that's my best guess. (Not many blooded horses ever have to contemplate that they too were custom created for a purpose. I'm not afraid if that's my/our history. I do wonder if we ever figure stuff like that after we've split this place for good. We'll all see. My best guess would be we've got a few more cycles to run before we can get to such a level of wisdom and awareness.
RC
Now I don't go out looking for trouble, but trouble has a funny way of finding me, I have this strange ability to look at something and say, Nope they've got it wrong.
Why, because the evidence I observed doesn't stack up to their accounting of events, take the Grand Canyon, read the books and you'd walk way thinking that amazing, but if you scrutinise the detail, things start to fall apart.
Without going off topic, there's one word that sums my doubts up, unconformities because they do not conform to typical geological expectation.
We cannot account for the absence of geological mass, it's evident in the Grand Canyon, so without a feasible explanation, my mind runs riot.
Why, how and who, yes who could have done this. Was Earth mined? It could have been, Alien's again, funny how they keep on popping up.