It seems like every week there’s an announcement around a cryptocurrency breaking former records to establish a new all-time high. Shortly after the total market cap of digital currencies hitting the $60 billion mark, the two preeminent cryptocurrencies have once again shattered previous benchmarks to hit new highs with Bitcoin valued over $1,900 and Ether sitting at $119 at the time of writing.
Early in 2017, Bitcoin was deeply embroiled in debates on regulation and compliance, mostly in response to news coming out of China. Starting the year at $996, Bitcoin has nearly doubled from its January 1 price. This year has been a strong bull market, with many reputable sources in the financial sector speaking out on behalf of Bitcoin as a store of value and as a technology. Bitcoin is poised to break $2,000 at any moment.
BTC – USD chart provided by CryptoWatch
Ether, the cryptocurrency created by the Ethereum Project and breakout star of 2017, has also reached a significant milestone by smashing through the $100 benchmark. Few, if any, cryptocurrencies have seen as much action as Ether this year. With a January 1 price just over $8, Ether’s current value is nearly 14 times where it was at the beginning of 2017. This success comes largely on the heels of several high-profile announcements around the Ethereum Network blockchain. The establishment of the Enterprise Ethereum Alliance in February and the wildly successful launch of the Ethereum Name Service at the beginning of May have contributed to the meteoric rise of Ether.
ETH – USD chart provided by CryptoWatch
What does the Future Hold?
In February, BTCC CEO Bobby Lee predicted Bitcoin reaching a value of $5-$11,000 by 2020. After this latest spike, the lofty claim isn’t entirely unreasonable. With blockchain technology rapidly moving beyond the payments processing sector into other industries, the value of cryptocurrencies as technology will continue to rise. More exciting reveals are on their way as cryptocurrencies firmly establish themselves as part of mainstream technology.
Featured image from Shutterstock.
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