Cryptocurrency Bitcoin rose over 10 percent, reaching a new all-time high of $2,537.16 on Wednesday. The surge marks an over $500 gain following Saturday’s report that it reached a record-breaking $2,000.
In the last five days, the cryptocurrency gained over 40 percent and its gains for May is now at 88 percent. This year, Bitcoin has more than doubled and the surge last Wednesday brings it to over 160 percent, according to CoinDesk.
Bitcoin is powered by blockchain technology and it is expected that it can have a broader application in industries like the finance sector. Since market sentiment is an integral part of bitcoin’s surge, 56 companies and 83 percent of bitcoin miners supported the “Bitcoin Scaling Agreement” which details an upgrade that would help its transaction capacity. CEO of BCKM, Brian Kelly said that an upgrade is needed as applications can be built on top of the cryptocurrency, adding more value to it.
DoubleLine Capital CEO, Jeffrey Gundlach tweeted on Tuesday that he believes this year’s Bitcoin surge has something to do with the drop in the Shanghai Composite stock index. It is believed that since the yuan is weakening, Chinese are turning to investing in digital currency. The yuan shrank in the last few months as Beijing ran investigations on digital currency exchanges and its stock market was regulated.
The Shanghai Composite was down 0.4 percent year-to-date and is one of the many global assets that has fallen while Bitcoin’s prices surged. As reported by CNBC, analysts are hoping that the cryptocurrency can one day replace more traditional investments like gold. On the other hand, those with a keen interest in digital currency sees the value of blockchain technology that supports not just Bitcoin but also its rival, Ethereum—seen as a decentralized next-generation internet.
6 enterprise tech trends to consider in 2019 and beyond
Here are the tech trends that could bring groundbreaking changes to businesses this 2019 and even the years to come.
Securing consumer rights in a cashless society
The new EU payment directive might spark concern about a move away from cash—but blockchain technology could protect consumers.
Back to basics: The best investments that you should be looking into
Everyone is trying to make money, and one way to do so is through investing in businesses. Before you dive...
Tinctures reign supreme in CBD industry for simple and versatile uses
CBD tinctures have become the product of choice for many users as they are easily customizable according to their individual...
Should you bet on communication services stocks in 2019?
While the communication services sector is a relatively new market segment, it is expected to post revenue growth for 2019.
- Sponsored2 days ago
The fight against cybercrime makes cybersecurity the top investment choice for 2019
- Business3 days ago
How blockchain can solve the broken link of supply chain logistics
- Business4 days ago
A guide to investing in your first commercial property
- Commodities5 days ago
What gold investors should expect this 2019
- Crypto4 days ago
Bitcoin welcomes 2019 with an unexpected price surge
- Business3 days ago
More Chinese middle class buying lower-priced US houses
- Economy5 days ago
Japan PMI surveys reveal more upbeat sector of global economy
- Featured5 days ago
Here’s an investing lesson to learn from Puerto Rico