Bitcoin price is on its way towards reaching $1,500. Over the past seven days, bitcoin has surged from $1,278 to $1,471, recording a 13.4 percent weekly increase in price. Although alternative cryptocurrencies, or altcoins, have experienced a similar trend in growth, altcoins are struggling to maintain stability.
Screenshot from CoinMarketCap.
As seen in the image above, most cryptocurrencies with the exception of bitcoin have demonstrated a decline in price on May 2. Such trend in the price of altcoins followed a massive surge in value in the past three days, with assets such as Ethereum’s Ether establishing its new all-time high price and market cap at over $7 billion.
Yet, even the top cryptocurrencies are struggling to deal with volatility and as bitcoin and security expert Andreas Antonopoulos noted, volatility is not beneficial for the industry and the market.
In October of 2015, he wrote:
“Don’t be too excited with recent bitcoin short squeeze and rapid price climb. Volatility is bad
Read more ... source: CryptoCoinsNews
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