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Why the Bitcoin price just rocketed past US$4000

Why the Bitcoin price just rocketed past US$4000

According to coinmarketcap.com, a website that tracks the market activity of cryptocurrencies, there are over 800 cryptocurrencies in the cryptocurrency market. A big upward move always needs a correction to make sure the market can stabilize.

Strong demand from Japan, prompted by worldwide tensions involving North Korea, China and the United States, increased Bitcoin's market capitalization by $15 billion in the past week, CNBC reported on Monday. Its market capitalization is now $65 billion.

Finally, there's an ongoing boom in "initial coin offerings"-sales of new, Bitcoin-like cryptocurrencies for a variety of applications".

Ethereum is much older than Bitcoin Cash, and while interest in Ethereum in the long run will continue to increase and interest in Bitcoin Cash projected to fall, data is showing that Bitcoin Cash is having an upper hand right now however, data is still incomplete to conclusively tell us what might happen. Ethereum's ether was down nearly 5% to $295 on Sunday, while Ripple declined almost 4% and Bitcoin Cash slipped 4.3%.

Bitcoin first hit the headlines back in 2013, after a price surge saw its value rise from $15 to more than $1,000 during the year. "I certainly don't know which one will come out on top, or if anyone comes out on top". Bitcoin value is up 320 percent since the start of the year.

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These exotic new currencies are often offered for sale using Bitcoins, since it's often easier to exchange one cryptocurrency for another than to directly sell new cryptocurrencies for dollars.

Check out the chart below to see what the price has done in the last 24 hours.

The main advantage of Bitcoin Cash is its new software that allows quicker transactions.

The most interesting aspect of the whole cryptocurrency mining rush is the potential development of GPUs for mining. On the price front, it has somewhat stabilized just above $300 after its volatile trading period during the first week of August, with the currency seemingly going through some consolidation. Its price has dropped by 16 percent since its introduction.

Even with a small dip forming on the charts, there is no reason to panic over the Bitcoin price just yet. In the past one year, its value has increased by 27,300 percent.

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