Bitcoin has risen again, and together with it and all other crypts among the top 100. During this time, 800 crypts disappeared as a result of failed ICO projects. We now reveal you everything.
Timeline of what happened
As recently announced by one of the most famous crypto entrepreneurs Brian Armstrong, the long history of bitcoin is full of ups and downs. We saw his ascent at a rate of $ 20,000, but we also testified 306 times of attempt to bury bitcoins. Regardless of everything, this currency is surviving and it seems that everyone else is turning around.
The changes have been dramatic and many are worried again. In particular, after a record price of one of these $ 19,783 crypts, the price of a Bitcoin dropped below $ 10,000 in March. Since then, the price has been welded, but it has still not been able to return to that sum. After more than a month, the bitcoin price exceeded the figure of $ 7,000, after having a value of fewer than six thousand dollars in mid-June.
The latest increase in the price of bitcoin is no exception, as other crypto-coins from the CoinMarket list of the 100 biggest have seen a jump in the last 24 hours, and even 24 coins have made a double-digit growth. Although in the past, the rise in the price of bitcoin affected the growth of the value of other crypts, so far it has not happened that in this way almost all coins among the 100 strongest recorded an increase.
Others are disappearing
While the price of bitcoins and other strongest crypts has been rising, more than 800 coins according to Dead Coins’ data have lost any value, disappeared from the market or their value is less than one cent.
ICO projects, from which new token ciphers have been created, have been popular in the past 18 months, largely thanks to the bitcoin boom.
However, hundreds of these projects have so far failed because they were a scam, a joke or failed to materialize their product. Because of this, bitcoin seems to be a pillar on which the values of all other crypto-relatives are based. In a similar way, gold is perceived as a “secure port” and a valuable guard.
Recently, Bitcoin has grown into a legitimate alternative to gold and hedge for periods of instability that are often associated with gold. Of many hedge funds, I have heard that in the past six months they have not seen the movement of gold prices that they expected in “return to safe” situations. Instead, bitcoin kept in step with the expectations that they thought would happen to gold.
Bitcoin slowly adopts a digital version of the role played by gold (and gold companies’ actions) in hedging strategies. One major obstacle to adopting bitcoin as a significant alternative to gold is, of course, its inherent instability.