Bitcoin tops $3,000 CAD for first time ever
This comes after the cryptocurrency made headlines once again on Saturday when it topped $2,000 USD, another record for the coin which has enjoyed a 62% rise in the last 30 days alone.
Ethereum, the second highest valued coin on the market, shared some of bitcoin’s weekend success with the value of an ETH coin soaring nearly 50% to reach a high of $243 CAD; the price per coin currently sits at $227 CAD, according to ethereumprice.org.
There are a few factors behind bitcoin’s recent rally, one being the SEC’s impending decision on whether to agree to a bitcoin ETF (exchange-traded fund), following the re-examination of the Winklevoss twins’ March proposal.
Another driving force is the political upheaval various countries – most notably Brazil and the US – are currently enduring.
With bitcoin’s recent bullishness, along with the volatility of certain FIAT currencies, many investors view bitcoin like gold: a more reliable asset than traditional money in times of government instability.
As a side note, the value of a bitcoin surpassed that of an ounce of gold earlier on this year, an occurrence which made international headlines and opened many people’s eyes to the power of the cryptocurrency market.
Trading in Japan and China continues to be a big part of the coin’s success, with these two nations routinely accounting for more than half of all crypto trading.
Although some sceptics warn of a bubble, many experts believe the coin will surpass $3,000 USD within the year; the way things are going, it’s difficult to argue.
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