Up, up, and away..
Despite the recent block chain fork one month ago, Bitcoin is showing no signs of stopping its massive growth. Starting at just $2,600 at the beginning of August, Bitcoin has been on a steady upwards trend. Throughout the past month, it’s hit several all time highs. Today, we see Bitcoin sitting at a very impressive $4,700, higher than it’s ever been in the past.
This price comes as a shock to many, as the recent release of Bitcoin Cash was expected to crash the Bitcoin price. Instead of crashing, it instead exploded, making investors and owners of Bitcoin very happy. This kind od growth in a one month time is unheard of, especially a growth of such a large magnitude. We’re not talking a price increase from 70¢ to $1, instead it’s an increase of more than $2,000 over a thirty day period. Anyone who invested heavily in Bitcoin at the beginning of August will be happy to know their investment exploded in value.
Bitcoin Cash also saw a large uptick in price mid August, but has been on a downward trend since. While it’s still higher than the beginning of the month, it’s struggling to match the steady increase of Bitcoin. At $580, it’s up a solid $200 compared to earlier in the month, but down over a $100 compared to a couple weeks ago. Since it’s a relatively new currency there’s still plenty of room for expansion, but I don’t expect it to match Bitcoins display
Other Cryptos on the Rise
Both Litecoin and Etherium have seen great gains in the past month as well. Litecoin is up $30 in the past 30 days, sitting at an all time high of almost $75. Etherium is following suit, seeing a gain of $162 over 30 days, landing it, again, at an all time high of $388.
These increases mark an important general upward trend for the cryptocurrency market. With larger investments and large growth, the market for cryptocurricies is taken more seriously. This in turn could mean wider acceptance, for example more retailers taking cryptocurricies as a form of payment.
September is poised to show us some massive charges in the market, most likely for the better for potentially for the worse.
Keep checking back for more news on the trends of various currencies, as the market seems nowhere near stabilizing anytime soon.