Bitcoin Market Cap Nearing $50 Billion

Bitcoin Market Cap Nearing $50 Billion

Bitcoin Cryptocurrency, which runs on Blockchain smart technology, takes its rally to new highs with market capitalization value nearing to $50 billion.

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June 2017, Bitcoin Market is setting new records of all times high, growing the appetite of investors. Investors, who are triggered by 5,000% rise in the yield of Ethereum from the start of the year, simply can’t take their eyes off cryptocurrencies. On June 20, 2017, total market capitalization of cryptocurrencies exceeded $114 billion in value, while it started the year at $18 billion. Bitcoin market cap alone counts for 36%, followed by Ethereum, Litecoin and Ripple.

The combined value of all Ethereum and Bitcoin is now worth more than the market value of PayPal and is approaching the size of Goldman Sachs.

 Total Bitcoin Market Cap

bitcoin market cap

 

Source: http://coinmarketcap.com

Technical analysis, which is based on historical price movements, has claimed earlier that cryptocurrecies are currently going beyond their “resistance level”. Bitcoin has already climbed up $3,000 threshold early in June. It is fueled by ongoing demand from Asian investors, who are allowed to withdraw the virtual currency at most exchanges – an action supported by People’s Bank of China. On the top of this, Japanese government has recently adopted Bitcoin as a legal payment method back in April. Singapore’s government has reported on its intentions to digitalize national currency based on block-chain technology. So, in the next stage of projected rise we will see evidence of new high records.

On the other hand, let’s not forget that coin has two sides. Therefore, we definitely don’t advise our avid investors to risk all their fortune and put all their bets on Bitcoin. Just like all other markets, here too we should be prepared for market corrections and, at times, even crashes of the price, once the market gets overheated.

Retailers that Accept Bitcoin

  • Overstock was the pioneer to launching “Pay With Bitcoin” option at checkout three years ago.
  • Expedia initiated Bitcoin transactions as a payment method to meet the needs of the customers.
  • Shopify is an e-commerce platform that practices the option of accepting bitcoin payments, too.
  • DISH Network collaborates with Coinbase to process bitcoin transactions for its TV service subscribers.
  • Microsoft also enables customers to pay with bitcoin indirectly while purchasing Microsoft products and services online. They can link bitcoin to their Microsoft accounts.

How Safe is Underlying Blockchain Technology?

Blockchain is a technology, which enables the encrypted data of any sphere from financials to health care or retail industry to be shared among interested parties, community and corporations. It possesses high-level data protection with instantly updating tools.

The market for recruiting blockchain engineers has been hot ever since. Almost 10,000 people on Linkedin marked blockchain as a skill on their profiles; 50% of them are engaged in the technology industry and a quarter in the financial sphere. The question is – where can specialists master their skills to fill up the ongoing shortage of the labor market. The solution is not taking long to land. High-rank Universities, Stanford, MIT, and University of California, Berkeley among them, started adding Blockchain Course into their curriculum. To catch-up with the latest trends much faster, Bitcoin and Cryptocurrency Technologies Course is also offered online.

Superior gains of Bitcoin and Ethereum are already powering the necessary infrastructure around them. Blockchain makes a move to stand on the same level with Artificial Intelligence while keeping cyber security issue as its key focus. It definitely shoots for the stars by developing economy in a box. This solution can eventually expand the borders of digital currencies, and the giant companies will jump in to coin their own currency systems.

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