Bitcoin Price Explodes, Goes Beyond 2000 USD For The First Time
Posted By : Anirudh Bhardwaj | 22-May-2017
Records are meant to be broken and just as they say, history repeats itself. Well, this time though, history is created by the Bitcoin as the price value of the latter has finally surpassed the much anticipated $2000 mark. This is an all time high for the world’s most beloved Cryptocurrency and this pushes the market cap of Bitcoin to a whopping sum of 35 billion USD. The Bitcoin price is looming around $2138 at the time of writing and it’s all set to break new records.
Reaching the $2000 mark, the BTC price has shown a phenomenal growth of more than 125% this year, taking its price from as low as $891 to an unprecedented level. For the past several weeks, the BTC price was enjoying a steady uprise and on last friday, it joined the $1900 club. Shortly after that, the price went past the $2000 mark for the first time in history.
The Bitcoin price is continuously rising since the beginning of this year. As a matter of fact, the Bitcoin price had already broken the last 2 years’ record in April itself. After that, it took just three weeks for the Cryptocurrency to witness a staggering growth of more than 50% taking the price to its all time high. The following flow chart by Coindesk displays the Bitcoin price swings over the last one week.
Increasing Trading Volumes
Besides topping the charts in the world’s major Cryptocurrency exchanges, the trading volumes of Bitcoin have shown an exponential incline. The latter has been more than successful in attracting traders from all over the world. As revealed by the exchanges such as Kraken and Poloniex, the transactions in Bitcoin have shot up over the past few weeks. As of today, the transaction volume per day has gone past $1 billion USD which is more than the trading volume of the top 5 Altcoins combined. On Kraken alone, the trading volume of Bitcoin across all the digital assets has gone past $178 million.
Bitcoin Remains Unaffected of The Scaling Dilemma
So much has been talked about the scaling problems in Bitcoin and the block size limitations. People were concerned that the persisting scaling problems in Bitcoin will lead the cryptocurrency towards its havoc. The size limit of Blocks (1 MB) is supposed to be insufficient to scale the increased number of transactions. That’s the main reason why transaction fees is rising drastically and the transactions are also being delayed. But as it turns out, these scaling limitations don’t seem to have any major impact on the Bitcoin as the latter is continuously marching towards new heights.