Cryptocurrency Markets Surge After Bitcoin Rises $500 Within 24 HoursApril 20, 2018 8:48 pm
The price of bitcoin raised by almost $500 over the past 24 hours on Friday, sparking a market-wide cryptocurrency exchange surge so that a number of other e-coins including ethereum, ripple, and bitcoin cash rose in value between 10 to 20 percent, according to The Independent.
These latest gains come only a week after bitcoin was finally able to shake off the falling prices of the last several months by rising more than $1,000 in one hour.
Bitcoin is on its way to reaching $9,000 for the first time since March and by midday Friday was already at $8,516, according to CoinMarketCap.
However, even bitcoins resurgence appears modest when compared to ethereum which has risen by 10 percent since Thursday and ripple increasing by 19 percent since Thursday.
Bitcoin cash, an offshoot of bitcoin has become the fourth most-valuable cryptocurrency, rising by 15 percent to take its market cap above $18 billion.
The latest price surge seems to have shaken off some of the industry fears about regulation and since an Islamic scholar declared bitcoin and other cryptocurrencies halal which would open the investing opportunity to 1.8 billion Muslims across the globe.
Earlier this week, IMF boss Christine Lagarde wrote a blog post which detailed the benefits of bitcoin and the blockchain technology running the cryptocurrency.
After these recent gains, bitcoin analysts said that the cryptocurrency could see even more gains that resemble those achieved at the end of 2017.
Last December, bitcoin peaked at nearly $20,000 after a year which saw historic gains as its value grew by more than 20-fold.
“I believe that we will see a comeback to the height achieved at the end of 2017 this year,” Olga Feldmeier, CEO of fintech firm Smart Valor, told The Independent. “Over the next two years I still predict we could see it reach a value of $100,000.”
Silicon Valley investor and guru Tim Draper said that bitcoin would go even higher and could reach $250,000 by 2022.
Draper was one of the first investors for Twitter and Skype, and previously predicted that bitcoin would rise to more than $1,000 when it was only worth $300.
–WN.com, Maureen Foody