Bitcoin price has now hit a new all-time high with a global average of $1,937.15, scaling above the $1,900 figure for the first time ever.
Bitcoin’s remarkable year in making gains continues, as prices have now nearly doubled since the cryptocurrency scaled $1,000 at the turn of the year.
Led by Japanese markets with a volume of over $300 million over the last 24 hours, the world’s most prominent cryptocurrency is continuing to see increased activity in Asia. Japan and Korea now account for two of the top five bitcoin trading markets in the world, combining for over 47% of the market share.
Bitcoin price began trading at $1,820.21 on Thursday, making steady gains throughout the day. At the crack of Friday (UTC), prices on a global average had climbed above $1,900. Bitcoin price is trading at $1,934.54 at the time of publishing.
On Bitstamp, price struck an all-time high of $1,935.
Bitcoin’s marked gains come during a time global stock markets take a tumble amid fears of instability from the Trump administration. Bitcoin is increasingly seen as a store of value at times of political and economic uncertainty.
‘Global stocks had their worst day since September on Wednesday,” wrote Hacked analyst Mate Cser. “One congressman already called for impeachment following the leaked words of the President, and that triggered a broad sell-off in risk assets and the US Dollar.” Trump is currently seeing criticism for discussing classified intelligence with Russian officials in the White House.
While bitcoin is losing its dominance in the overall cryptocurrency market, it is a time of flourish for digital currencies. The total market cap of all digital currencies crossed $60 billion for the first time in history yesterday.
Ripple, in particular, has gained over 60x over the past two months, crossing a market cap of $13 billion this week. Ripple, an enterprise blockchain platform that enables global banks with near-instant, cheaper remittance options, unveiled a roadmap toward decentralization earlier this month. The San Francisco FinTech startup also committed to lock 55 billion XRP tokens in escrow to ensure its future supply.
Featured image from Shutterstock.
Last modified: May 21, 2020 9:49 AM