Okay, maybe it’s not the Indianapolis 500, but anyone watching the Bitcoin rally over the last few weeks could certainly be forgiven for assuming that the world’s most well-known digital currency thinks that it’s on a race track. After all, this is a currency that began 2017 valued at just under $1,000. Over the course of the next few months, it struggled to gain traction for the upward price momentum so many observers were anticipating as the new year dawned. My, how quickly things can change.
Today, Bitcoin broke the $2,000 barrier.
Scratch that; it didn’t just break that barrier – it smashed it. In fact, as this article goes to press, Bitcoin’s listed value on Coinbase is $2,049. That feat is even more impressive when you consider that Bitcoin was valued at only $1,233 a month ago, and its value didn’t exceed $1,400 until the 1st of May. Since then, the coin has risen in value nearly every day.
Even as it’s achieved that increase in value, however, Bitcoin’s share of the overall cryptocurrency market cap has reportedly decreased to just 47%. Earlier this year, Bitcoin had maintained a dominant 80% share of that market. The change in that dynamic is largely due to the success that many altcoins have enjoyed in recent months, with currencies like ethereum and Ripple rising in value at an even faster pace than that enjoyed by Bitcoin.