It only took a few hours for Bitcoin to shoot back up from $3,894 to $4,264.26 on Wednesday, which caused the total market capitalization of the entire cryptocurrency world to surge above $150 billion.
It’s opposite team mate, Ether, also rose on Wednesday, marking the highest it’s ever been since June. These two unknowingly, drove the market cap of the digital currencies insane.
In particular, at the moment Bitcoin’s market capitalization is around $69.8 billion, which makes it twice as large as Ethereum, its closest rival.
However, Bitcoin has been a tad bit volatile lately, suffering from a 10% drop after it had crossed $4000 earlier. These fluctuations were an after effect of the scaling issue that was recently undertaken by the network. This is intended to increase the transaction sizes in the blockchain network. This new protocol is known as Segregated Witness, which is said to solve the scaling matter.
On the other hand, Ether rose to $324.07, its highest since June 23. It’s known to have doubled since its last low hit in mid-July. Overall, its performance has been well in 2017, as it is up more than 4000%, which brings its market cap to around $30.1 billion.
These recent increases in Bitcoin and Ether have brought together the total market cap of all digital currencies above $150 billion.
The price of Litecoin has seen a decline after LitePay’s debit card launch, which was scrubbed at the last minute and delayed indefinitely.
Litecoin Price Drops By 4%:
The cryptocurrency market has sustained to shake off the crash that it has experienced this weekend, and most of the large-cap cryptocurrencies have seen strong gains against the US dollar.
The cryptocurrency market index has increased by almost 7%, while Litecoin has seen a decline in its price by almost 4%. At this very moment, the price of Litecoin is $212, which shows that this cryptocurrency has seen a single-day decline of 4% and has the market cap of $11.7 billion. The huge chunk of Litecoin trading volume is focused on OKEx, which accounts for more than 31% of all LTC volume. Especially, KRW pairs, which frequently spike on altcoin recovery, contain a comparatively small amount of Litecoin trading at this time.
The current decline in the price of Litecoin appears to be related to the planned launch of LitePay (fintech startup), which was planned to take place on 26th February, but was partially postponed at the last minute and delayed indeterminately.
According to a report, LitePay is intended to offer a solution based on LTC payments that will make it quite simple for traders to accept Litecoin. This service will also issue a debit card, which will be LTC-funded, letting the users to circuitously spend their coins at almost any business.
The statement that LitePay would be launched on 26th February, led to a momentous Litecoin price rally. Though, the company also sent an email to its users just ahead of the planned launch, notifying them that an essential factor of the firm’s business model which is the “LTC-funded debit card” had been postponed indeterminately due to the antagonistic activities by card issuers towards crypto communities.
It is also said by LitPay, that it will open trader’s registration as planned, however, the indeterminate delay on the debit card service of it, caught lots of users by unexpectedly and have likely contributed to the bad performance of Litcoin today.
Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.
The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.
If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.
There Is No Authority to Control This Currency:
You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.
Bitcoins Are Finite:
As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.
Bitcoin Has No Set Values:
There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.
Bitcoin is Transparent:
Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.
In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.
The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.
It Costs Little to No Money to Make a Transaction:
Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.
Lastly -Bitcoins Are Stored in Digital Wallets:
Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.