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19/06/2019
Technology

Bitcoin Registers Impressive Gains, Other Altcoins Also Follow Suit

The rise and fall of the cryptocurrency market are full of interesting developments. The largest cryptocurrency by market capitalization, Bitcoin is one of the most popular digital coins in the world. In December 2017, the value of Bitcoin was around a historic high of $20,000. Numerous stories were written about the incredible value Bitcoin enjoyed at that point in time; however, the period of jubilation didn’t last for a long time. In 2018, the value of the coin plunged to a new low and fell down to around $3,200 by August 2018. Many investors lost their hard earned money, especially the ones who purchased Bitcoin at high-ish $20,000 in anticipation of getting good returns in the future. In fact, 2018 proved a disaster for the overall crypto industry as bears took control of the reigns.

Crypto Industry in 2019

The fortunes are again changing in the year 2019 as we are witnessing Bitcoin as well as other altcoins again gathering the pace and surging in their respective values. Especially Bitcoin is soaring to new heights as it has registered a growth of around 140% in its value this year. On Monday, May 27, Bitcoin touched $8,942, and at the press time, the coin was trading at $8,799.  In the month of May alone, Bitcoin is up by 70%, which is quite a commendable achievement from investors’ viewpoint. Thanks to this surge in value, May 2019 has become the best month for the Bitcoin in terms of growth in its value since December 2017.

Ethereum and Litecoin

Other digital coins have also taken a cue from this surge. The second largest cryptocurrency by market cap, Ethereum registered a gain of 6% on Monday with its value surging to $268 at the press time. Adoption of ethereum among the investors is proceeding at a rapid pace, which has shown its positive impact on the valuation of the coin. Especially the use of ethereum blockchain has found favor with many corporations and organizations across the industries are very keenly interested in using this open-ledger network for improving the efficiency and effectiveness of their business processes. Litecoin has also registered an impressive gain of 9% over its value on Friday and was trading at $114.85 as per the report at the press time.

Future Scenario

Despite the impressive gains registered by the cryptocurrency market, invested are seriously mulling on the question of whether digital coins have finally come out of slumber or not. There is no doubt that Bitcoin, as well as other digital coins,  have performed really well in 2019 but comparing the historic high of Bitcoin which was recorded at around $20,000, the current value of the coin ($8,799) is nowhere near its 2017’s record. It will take some time for Bitcoin to enthused investors that bear phase is finally over, and it can again register the value as high as $20,000. But yes, it is not going to happen overnight. The incremental increase in the value of Bitcoin is going to be a key for its sustainable growth. Market analysts and experts believe that first of all, and Bitcoin has to go through $10,000 level and then investors need to target the next higher level in a step-wise manner. A certain jump in the value of Bitcoin might help investors to make some money quickly, but in the long term, it is not going to help sustain its growth potential.

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