Before we explain the recent rise of bitcoin, it’s important to know what Bitcoin is.
For those of you who don’t know much about Bitcoin, or cryptocurrency in general, let me explain. Bitcoin is a ‘Digital Currency’ stored in a ‘Digital Wallet’ on an electronic device. People can use Bitcoin the same way they use Paypal or any form of online currency. Although, the most common use of Bitcoin is as an investment.
Bitcoin currency is completely electronic. It can be transferred to cash and to a Bank account through selling it on apps like ‘Coinbase’ and Kraken’
The Sudden, Unexpected, rise of Bitcoin
Bitcoin has been on fire. Exceeding the $6000 dollar mark for the first time this year. Although some experts say Bitcoin could drop below 4,800 in the next couple of weeks, many others say that the Digital currency is back.
Its been a while since we’ve seen any form of a drastic move from Bitcoin since the cryptocurrencies historic run back in December 2017. However, for the first time this year, bitcoin has exceeded a $6,000 Evaluation, and it’s still climbing.
Why is Bitcoin Rising?
The reason for this jump isn’t really clear. The cryptocurrency looks to have recovered quite quickly after it was reported that hackers stole $40 Million worth of Bitcoin earlier this week.
As of now, there isn’t any reason or information backing up the Bitcoins recent run besides for the fact that the Crypto Market has changed.
A lot of experts have recently stated that there has been a change throughout the entire crypto market and that Digital currencies besides Bitcoin have been undergoing changes as well.
Bitcoin isn’t the only Digital Currency with recent success
Litecoin always seems to get overshadowed by its superior crypto sibling. Although it may not get as much talk and hype as Bitcoin, Litecoin has been on the rise as well. Litecoin has gone up 3.71% in the past 24 hours, and some are sold on the possibility of Litecoin taking over Bitcoin in the future.
Will Litecoin take over Bitcoin in the Future?
The short answer is probably not. It would be very difficult for Litecoin to take over bitcoin simply due to the fact that Bitcoin is seen as the superior cryptocurrency. However, the block of Litecoin is created much faster than the block of bitcoin. Which is one of the reasons experts believe in the ideology that it has the capability of taking over the leading Digital asset.