Bitcoin Surges Again, To $7,000
The electronic currency Bitcoin has substantially increased in price this year, surging to $7,000.
The bitcoin price, beginning the year at under $4,000, hit $7,049 on the Luxembourg-based Bitstamp exchange earlier this evening. The wider cryptocurrency market followed bitcoin higher, with major digital tokens ethereum, bitcoin cash, litecoin, and EOS all making double-digit gains over the last 24 hours.
Bitcoin exploded into the public consciousness in 2017, with the bitcoin price rising from under $1,000 to almost $20,000 in under 12 months...
analysts from investment bank Canaccord Genuity said they expect bitcoin to rally hard over the next 24 months, potentially returning to its late 2017 highs due to next year's halving event, where the number of bitcoins rewarded to miners will be cut by 50%.
"Now four months into 2019, we note for the third time the striking similarity in bitcoin’s price action between 2011-2015 and 2015-2019," Canaccord researchers wrote in a note to clients. "While this simple pattern recognition has little fundamental basis, we note that bitcoin does operate on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.
Science fiction fans following the career of author Bruce Sterling were clued into the idea of electronic cash in his 1994 novel Heavy Weather:
Alex did not find it surprising that people like the Chinese Triads and the Corsican Black Hand were electronically minting their own cash. He simply accepted it: electronic, private cash, unbacked by any government, untraceable, completely anonymous, global in reach, lightninglike in speed, ubiquitous, fungible, and usually highly volatile.
(Read more about electronic cash)
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