It’s no secret that bitcoin, ether and other cryptocurrencies have been on a tear.
But, is this sharp uptick in value a sign that these innovative technologies are building greater legitimacy, or is it simply the latest evidence that the early-stage assets have been driven up by the speculation of a small set of true believers?
Previous CoinDesk articles have examined this question, examining market activity, polling analysts and looking at Google Trends data. One article looked at whether cryptocurrencies had entered a bubble earlier this month, when their total market cap neared $50bn.
Interestingly enough, this market cap surpassed $90bn earlier this week, representing a year-to-date (YTD) gain of more than 400% from the value of $17.7bn at the start of the year, according to CoinMarketCap data.
At the time of report on 26th May, this market cap had retreated to $80.1bn, representing a YTD gain of more than 350%.
Crypto prices surge
This year, several cryptocurrencies have experienced notable increases in value.
The price of bitcoin, for example, reached $2,791.70 25th May, which represented a more than 200% increase from the cryptocurrency’s price of roughly $923.67 at the start of the year, according to the CoinDesk Bitcoin
Read more ... source: CoinDesk
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