Bitcoin tops $1,800 USD again in recent resurgence
Quebex Fintech Inc.
May 17, 2017

Bitcoin is up in the $1,800s (USD) again following its recent dip which saw the coin hit a low of approximately $1,740 USD on Tuesday; it’s currently resting at $2,481.64 CAD a coin at 2pm, ET, Wednesday – up $870 CAD in just one month.

And it isn’t just bitcoin that’s enjoying a surge; many altcoins are also enjoying unprecedented gains.

Protocols such as Ripple Consensus Ledger, developed by Ripple for cross-border transactions, and Ethereum, a well-established blockchain for smart contracts, are attracting major investments.

Take Ripple's XRP token, for example: it’s up nearly 6,000% on the year. Ethereum's ether token also had an impressive year, soaring nearly 1,000%.

These developments have not gone unnoticed by exchange and brokerage operators.

According to experts, new investors aren’t very picky when it comes to choosing altcoins to invest in.

In fact, Bram Ceelen, co-founder of cryptocurrency brokerage Anycoin Direct, said people are "pretty much buying everything"; this statement is consistent with the current speculative appetite.

"Altcoin volume might have even increased more than bitcoin volume [of late]," he added.
However, Andrea Medri, founder of cryptocurrency exchange The Rock Trading, believes bitcoin will continue to hold its own, even in such an environment.

It seems that Bitcoin is still finding its feet, as a currency – if it can even be accurately described as a currency.

Indeed, Jeffrey Dorfman, a professor of economics at the University of Georgia opined, in a recently published Forbes article, that bitcoin is an asset, rather than a currency due to its volatile nature.

With its wild swings and sudden dips, it’s hard to argue with Dorfman on this point; the value of a bitcoin has increased by an incredible 49% in the last 30 days alone so its not ideal for carrying out everyday transactions.

Whatever bitcoin is, one thing’s for sure; fortunes are being made and lost with it.