31st August, 2017
Investment in cryptocurrencies increased to record high this week, with the market capital of all 800+ publicly traded cryptocurrencies and cryptoassets crossing $160 billion for the first time ever on August 28. This marks a 1,500% rise from the start of the year.
“Cryptos are currently riding a mammoth growth wave owing to a fresh interest in their capabilities,” says Raj Chowdhury, MD of Hashcash Consultants and prominent Blockchain Expert.
Some experts argued that in the immediate aftermath of the SegWit rollout (August 24) Bitcoin price decline could be expected. However, they further argued that a few days hence, the price of Bitcoin would rise steeply.
It would appear that both predictions were accurate, as the record investment in cryptocurrencies culminating on Monday (August 28) came unaided by Bitcoin.
However, since Monday (August 28), the price of Bitcoin has crossed all-time highs and is hovering above the $4,700 mark.
Notably, Bitcoin Cash, which was created by forking the Bitcoin Blockchain to eliminate SegWit in favour of other scaling technology, is the only top 10 cryptocurrency with a 7-day price decline.
On August 25, Litecoin profited from a sell-off of Bitcoin Cash, hitting a record high of $64 on August 27, later cooling off. It now stands fifth among the cryptocurrencies by market capitalization.
Ethereum, on the other hand, has been climbing steadily over the past week, hitting highs of $350 on August 28. Experts anticipate a bullish rise in the near future.
“Bitcoin, Ethereum and other cryptocurrencies are creating the modern model for transfer of value free of politics and national boundaries,” Chowdhury (MD, Hashcash Consultants) adds.“They promise a more inclusive monetary system and better distribution of wealth. Their mathematical frameworks are free of the inefficiencies and friction of conventional models. Organizations have come to recognize this and are moving in fast to adopt their benefits.”