The year 2017 has been a big year for Bitcoin and cryptocurrencies in general. Bitcoin had a valuation of about a thousand dollars to a coin at the start of the year. Ten months down the lane, it is worth almost Ten thousand dollars to a coin. And within the same period, other cryptocurrencies and digital assets have witnessed significant appreciation in their values.
At the beginning of the year, Ethereum was worth approximately Ten Dollars and Ten months later, it is worth over $460 dollars. The impressive performances of the various digital currencies and assets have taken the total market capitalization of cryptocurrencies to new high of over 300 Billion dollars – this make the combined valuation of all cryptocurrencies more than the valuation of the Bank of America.
In just a little over a week, the entire cryptocurrency market cap has grown by over $60 Billion. As at May 2017, the total market cap was $60 Billion. The speed of growth of the market has been both impressive and very surprising. Many market watchers have predicted substantial growth in the market, but not many envisioned it to be within such a relatively short timeframe. The market has increased five folds since May this year – on Monday 27th November, the market touched $305 Billion.
The total valuation for Visa is currently around a figure of $255 Billion and the cryptocurrency market cap surpassed this figure on Friday 24th November when the total market valuation went past $280 Billon. At 305 Billon Dollars, the valuation is more than that of Wells Fargo and Bank of America.
Will Bitcoin Reach $10,000?
A cross-section of market watchers and analysts have predicted that Bitcoin will be worth $10,000 per coin by January 2018 but at the current rate of value appreciation, we might see the currency cross the $10,000 mark way before the date predicted. Bitcoin price has risen by over 20% in the last 7 days alone and is currently trading at an average global price of $9,600.
Even though there have been moments of dips and palpable retracements, Bitcoin have been largely bullish all through 2017. The value has however seen a speedy increase quite recently and this might be due to the impending launch of bitcoin futures contracts on U.S. Derivative exchange CME.
Will Ethereum Reach $500?
Even though Bitcoin gets most of the headlines and has more eyes on its movement, Ethereum the second largest cryptocurreny by way of market cap has also been experiencing impressive value appreciation recently. On Monday morning, ETH reached a new all time high of $493. Analysts have predicted that ETH is to reach $500 by close of year but considering that we are still in November and the cryptocurrency is just a few bases points off the predicted $500 per ETH, we might see this prediction happen way earlier.