Bitcoin to rocket to $4000 as blockchain infrastructure sets agenda for cryptocurrencies
ANALYSTS say the cryptocurrency Bitcoin could hit values of $4000 within the year after a new player entered the market.
By SIOBHAN MCFADYEN
PUBLISHED: 13:24, Tue, May 9, 2017 | UPDATED: 13:36, Tue, May 9, 2017
The introduction of Litecoin, another electronic online currency, is adding to investor appetite as the rolling out of blockchain infrastructure gets set to revolutionise the future of the financial sector.
Bitcoin has been making gains since April and is rallying in London having risen over 33 per cent in 30 days, according to the Coindesk bitcoin price index.
It comes after Price Waterhouse Coopers (PWC) and the World Economic Forum looked at how cryptocurrencies can be aided by distributed ledger technologies.
Global regulatory challenges continue to affect the market with a test case before The US Securities and Exchange Commission (SEC) throwing up some new challenges.
A bitcoin exchange-traded fund (ETF) proposed by Cameron and Tyler Winklevoss was declined by the US sector watchdog as Donald Trump looks at deregulating markets.
However, the sector is gaining appeal, particularly in Japan, which legalised cryptocurrency as a payment method recently and is helping to get the yen involved.
Aurelien Menant, founder and CEO of Gatecoin, a regulated blockchain assets exchange based in Hong Kong says confidence is strong in Asia.
Meanwhile, Microsoft founder and philanthropist Bill Gates is keen on distributed ledger technology.
He said: "Bitcoin is exciting because it shows how cheap it can be, it is better than currency because you don't have to be in the same place and of course for large transactions currency can be inconvenient.”
Bitcoin was created in 2009 and has a current Market Capitalization of $29,753,633,028.
There are currently 727 Currencies trading 106 Assets on 3768 Markets with a total Market Cap of $51,340,254,924, according to Coinmarketcap.com
The 24h Volume of trades stands at $2,739,044,558 with Bitcoin up 9.48 per cent.
The other major gain of the day was Steem which has gained a whopping 43.37 per cent on the day.