The value of the most popular cryptocurrency made significant jumps over the holiday weekend. While shoppers were busy buying up low-priced goodies, investors were dumping money into the currency of the future.
The popularity of cryptocurrency and the trust people have in it is growing by the day, and as a result, the value of these coins keeps rising to new heights. In the spring, Bitcoin and Ethereum started to rise in value at rapid rates. In fact, Ethereum’s value increase spurred a rapid influx of new miners who snatched up the world’s supply of graphics cards and affected prices for a couple of months. You can’t mine Bitcoin with graphics cards anymore, so it did not affect the GPU market. Nonetheless, Bitcoin’s value rose in rapid succession throughout the year. In the last 365 days, Bitcoin’s value increased an almost unfathomable 1,224%.
At the beginning of 2017, Bitcoin was trading for roughly $700 per unit. By the beginning of May, the price had doubled, and by the end of the month, it nearly doubled again. The price of Bitcoin continued to rise at a steady pace through the summer, and on September 1, it nearly topped the $5,000 barrier. Now, just 12 weeks after Bitcoin almost hit $5,000 and four weeks after it topped $7,000, the cryptocurrency is on the precipice of surpassing $10,000 per coin.
For the week leading up to Thanksgiving, Bitcoin’s value remained flat, trading around $8,200. But overnight leading into Black Friday, the price started to climb rapidly, and by Sunday morning, it was over $9,000. This morning the price peaked at $9,782.
Not Just Bitcoin
Bitcoin isn’t the only cryptocurrency on the rise again. Ethereum’s value recently started to increase as well. In June, Ethereum’s price peaked at $378, only to crash back down to $163 by mid-July. At the end of August, Ethereum rose again to $389 and then dipped below $300. Leading up to Thanksgiving, Ethereum surpassed the $400 barrier and settled around $480.
Litecoin also hit a new milestone in the last week when it squeezed past the $80 mark and peaked at $94.