The Value of Bitcoin Has Almost Doubled This Month
Mon May 29 2017
Rajesh Sharma (2003 articles)

The Value of Bitcoin Has Almost Doubled This Month

The value of Bitcoin has nearly doubled over the last month, jumping to an all-time high of $ 2,289.21 on Monday, according to Coindesk.

The cryptocurrency is just short of doubling for the month of May. As of Tuesday morning, Bitcoin was trading around $ 2,245.21, according to Coindesk. On April 30, the currency was valued at $ 1,348.65.

It’s been record after record for Bitcoin, which jumped over $ 2,000 for the first time last week. Monday marked the seventh anniversary of the first recorded real-world transaction of Bitcoin, which at the time was valued at a quarter-of-a-cent.

The surge of the value of the cryptocurrency can be attributed to a number in factors, including Bitcoin’s new legitimacy in countries like Japan and China. In December, the Denmark-based Saxo Bank predicted Bitcoin’s value would increase 165% in 2017. The value has already surpassed the bank’s predictions, which said it would go over $ 2,100.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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