Cryptocurrencies are on the rise

April 16, 2014 10:14 UTC

Cryptocurrencies (abbreviated ‘cryptos’) have been having a great day — most of their values are up. Out of the top ten cryptos (measured in market cap), Quark is up the most in the last 24 hours with a 73% rise in value, Dogecoin the second most at 58%, followed by Peercoin at 39%.

Almost all of the top 11 cryptocurrencies have been on the rise in the past 24 hours

What’s causing the sudden spike?

There are numerous theories as to why cryptos are on the rise. Some (mainly in the Dogecoin community) jokingly say it’s due to the lunar eclipse two nights ago — the eclipse powered the moon, which brought about a rise in value. A popular serious belief is that it’s due to investments; investors are buying low and will sell high. Another possible reason for the rise in value is that China has officially announced that they will not be banning bitcoin. This came as a sigh of relief to investors and business owners, as a likely reason for the original drop in the value of bitcoin was due to bitcoin businesses in China receiving official deposit shutdown notices from banks, which created suspicion of a ban on bitcoins. Zhou Xiaochuan, the governor of the People’s Bank of China (PBOC), announced

It is out of the question of banning bitcoin as it is not started by central bank.

Adding that “Bitcoin is more a kind of tradable and collectible asset, such as stamps rather than a payment currency.” The second quotation adds the possibility that China will begin to consider Bitcoin as a property rather than a currency, similar to the United States’ belief.

While BlackCoin may be down on the day, it’s seen a more than 260% increase in value over the past few days.

The deal with BlackCoin

The only crypto that’s down in the top 15 cryptos by market cap is BlackCoin, which is down 57%. This is presumably due to the coin’s extremely high rise in value over the past few days. On April 12th, BlackCoin was worth 4.2 cents. On April 14th, BlackCoin was worth 42 cents — that’s a 1,000% increase in just a few days. So, even with what seems to be a huge drop, the coin is still currently valued at 11 cents, which means it’s up more than 260% over the past four days.

All graphs and data courtesy of coinmarketcap.com

Last modified: April 17, 2014 19:41 UTC

@SuperCryptoGuy

I am a teenager in high school who is very interested in digital currencies. I enjoy researching Bitcoin and other digital currencies, but my favorite crypto is Dogecoin. Please feel free to email me at jonathansaewitz@gmail.com.

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