Bitcoin Spikes, Marks $1,700, + $1-B Market Cap in 24 Hrs
The price of the volatile digital currency rose above $1,700 Tuesday morning, according to a price index by industry website Coindesk, with analysts contemplating what risks or Back Swans could scuttle its recent price run.
“Over 1 year, the market capitalization for Bitcoin has increased massively, from around $7.16-B in May 2016 to $27.9-B today. In just the last 24 hours its market capitalization has risen by over $1-B, according to the website’s price index,” it was reported.
“While the price rises, cryptocurrency investors are also becoming more confident. The number of “long” positions held – where investors speculate that it will rise in price – has increased from a low of 7,649 on April 29 to 15,279 Tuesday, according to data from Bitcoin exchange Bitfinex.
Over the same frame, short positions held have remained consistent at around 17,000, the data shows.
The digital currency has been slow to gain endorsements from any major economic gurus. If anything, it has drawn criticism.
JPMorgan (NYSE:JPM) CEO Jamie Dimon say Bitcoin “is going nowhere… There is nothing behind a bitcoin, and I think if it was big, the governments would stop it.”