Litecoin price has skyrocketed in the last week. Jumping 111% on the back of the bitcoin futures market opening in America. This strong, positive relationship makes sense. Litecoin is essentially a 'spin-off' of bitcoin.
Bitcoin is emerging unscathed from its first morning on the American futures market. Listed on the Chicago Board Options Exchange, the world watched on with clenched jaws as the market opened.
Five days ago bitcoin passed the British pound and became the 6th most circulated currency in the world. It’s difficult to comprehend the scale of this crypto revolution. Particularly the incredible speed that digital assets are growing.
The little known crypto that trades as (Miota) is up 152% since announcing the deal with Microsoft last week. The graph has quite literally gone vertical as the coin has surged 873% this month. One month ago, it had a market cap of US$1 billion. Now it is just shy of US$8 billion.
Right now talk of bitcoin is everywhere. I can appreciate some may find it tiring. The reason the conversation has merit however, has nothing to do with the surging price. At least, it shouldn’t. The price is merely a consequence of the bitcoin architecture.
Black Swan moments are essentially extreme outlier events that have enormous and unforeseen consequences. A financial bubble is a Black Swan moment. So does this mean that bitcoin is a bubble?
Bitcoin is a finite, tradeable commodity that becomes progressively harder to mine until the supply is exhausted. Very few tradeable commodities are finite. You could argue that gold is not truly finite.
Ethereum price is at an all-time high. It’s currently sitting at AU$557. Which is a new apex. No one single event has caused this, but a myriad of advancements over the last couple of months.
Bitcoin cash might be headed to the moon. That is, if yesterday is anything to go by. Since the start of August the bitcoin cash market cap has swelled from 5 billion to the 25 billion.
Australia is ahead of the herd in blockchain adoption. This is the opinion of the Huffington Post. And with good reason. The World Economic Forum believes 10% of global GDP will be stored on blockchain by 2027.