If you’ve been following recent digital currency news, then chances are that you have heard about Bitcoin’s truly massive value increase, during the last couple of days. In fact, the digital currency has managed to hit a new record high, on Wednesday, with trading prices situated over $2,400.
The reasons behind this massive growth are numerous indeed, yet there are some which can be directly linked to bitcoin’s new staggering value. With this in mind, not long ago, the Digital Currency Group announced that they have reached consensus with 50 other companies, and have support from 83% of the miners on the network, to lower the barrier meant for the activation of the Segregated Witness project, but also that a hard fork will finally take place, meant to increase the bitcoin block size to a total of 2MB, from the current 1MB. In the long run, this will likely lead to numerous benefits.
On the other side of the spectrum, the quick decrease of the pound after the issues that the UK has been facing lately may also be part of the reason. Demand for alternative currencies such as Bitcoin is quickly growing, as investors are looking for other ways of storing their assets. Considering the fact that the market’s capitalisation is currently well-over the threshold of 30 billion as the price climbed, it is understandable why investors, companies and individuals from all around the world want to have a part of the limited-edition cake.
A more positive attitude towards bitcoin, digital currencies in general, and the underlying system of most (the blockchain network) from governments and private companies may also be behind this growth.
Regardless of the reasons associated with bitcoin’s value explosion, most economic analysts believe that in the near future, the value will definitely continue to grow, judging by the fact that price volatility during the last couple of months, has only been situated towards an increase in general value for both bitcoin, but also other alternative, digital currencies.
Some speculators have been truly surprised by the increase in value, considering the fact that just a couple of days ago, bitcoin was once again put under a negative light, after the WannaCry ransomware attacks that shook the digital world, infecting hundreds of thousands of computers, and demanding digital currency to be paid as ransom. While the attack itself didn’t manage to generate a big profit for the hackers, it has once again put bitcoin in media attention, so in the long run, this may have surprisingly had a positive impact on the digital currency.
Based on everything that has been outlined so far, what do you think about the recent value increase? Is it too late to buy more of the currency and join the game? Let us know your thoughts in the comment section below.