The price of the digital currency continues to show strong growth and has achieved another historic record, due to the ongoing rise in trading volume.
By Polina Chernykh
Updated
3 mins read
The price of bitcoin keeps reaching new heights, growing by more than 80% during the last month. Its value hit a historic high of $4,747 on Thursday, while the crypto market cap for the first time surpassed $170 billion.
The growth continued on Friday, as the digital currency climbed to a new all-time high of $4,975, according to CoinMarketCap. The spike, in turn, has pushed the market cap of all virtual currencies to rise above $175 billion. On other exchanges, the price of bitcoin has been even higher, surpassing $5,000 mark. However, the cryptocurrency has since decreased and is currently worth $4,555.
Meantime, the price of other digital currencies has been showing significant gains as well. Litecoin, which undergone SegWit activation earlier this year, hit an all-time high of $78, rising by almost 50% within the past seven days. At press time, the digital currency costs $76, as CoinMarketCap shows. Ethereum, the main rival to bitcoin, has also surged to a record level of $394.
There are a lot of factors that have possibly influenced bitcoin growth. The cryptocurrency is becoming more attractive for investors looking for alternative assets amid political uncertainty and tensions between the US and North Korea. Overall, an increasing number of users come from areas with unstable political situation, like South America and some African countries. Moreover, the recent split of the bitcoin blockchain has driven demand from traders, who became more confident about the scalability and stability of the virtual currency.
Besides, more celebrities and well-known celebrities are expressing their interest in bitcoin, what brings additional attention to the digital currency.
A couple of days ago, a reality star and wrestler John Cena published a stock image of bitcoin on Instagram which already has more than 54,000 likes. Similarly, Floyd Mayweather, who recently won a fight against Conor McGregor, promoted crytocurrency startups, Stox and the Hubii Network, via his Instagram account. Other stars that showed their interest in the digital currency include Mike Tyson, Ashton Kutcher, 50 Cent, and such prominent investors as Mark Cuban and Brock Pierce.
Bitcoin supporters expect that the price of bitcoin will keep surging in the upcoming years. The stock analyst Ronnie Moas has recently predicted that bitcoin will reach $7,500 level in next year. He suggest the cryptocurrency could rise to $50,000 by 2027 as the number of bitcoin users will grow to as high as 100 million users from 10 million today in the next few years.
According to Dennis Porto, a bitcoin investor and Harvard academic, the digital currency could achieve $100,000 by 2021 if it continues to follow Moore’s law which describes the improvements of digital technology.
Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
WBE 2025 is set to take place from August 8th to 10th at the China Import and Export Fair Complex to showcase the rapid growth of the battery and energy storage industry.
By Hanna Zhukova
Updated
1 min read
WBE 2025 is set to take place from August 8th to 10th at the China Import and Export Fair Complex to showcase the rapid growth of the battery and energy storage industry. With a larger scale than ever, the event will cover 165,000 sq.m and host over 2,000 exhibitors in 6,000 booths with an expected turnout of 200,000 visits. In addition, WBE 2025 will again be held alongside the Solar & PV expo and the World Hydrogen Energy Industry Expo (WHE), highlighting the synergy between different renewable energy sectors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Paragon believes that Blockchain technology can be the driving force of global cannabis legalization.
By Andy Watson
Updated
3 mins read
With the Cannabis industry stuck somewhere between legal and still very much part of the black market, Paragon believes that heavy regulation and standardization can push it over the stigma-filled edge. It is the use of blockchain technology that they hope will get the controversial plant to a point where it is inline with Big Pharma.
Currently, even where Cannabis is legal, the economic ecosystem is poorly regulated, very marginalized and totally fragmented. The growers, the labs, the distributors are all working their own systems with no checks and balances.
Paragon believes that the Blockchain technology that is making waves in terms of disrupting traditional economy models can be the future for an industry that has a huge gap to be filled by technology such as this.
While the benefits and health properties of Cannabis come more into the mainstream and the light, and it is recognised by more state governments in the US, there is very little being done to standardize the industry,or even regulate it.
Paragon wants to be the ones who step in and take this black market business forward and onto the Blockchain. They beleives that if there is a strong standardization of the entire process of seed to distribution, the stigma of Cannabis will dissipate.
The use of an immutable distributed ledger will allow for information about the seeds, the plants and even the fertilizer and water quality, to be freely available to users and buyers.
By doing this, shady dealings associated with other drugs which are unregulated will no longer be attached to Cannabis and a drive for global legalization can really begin.
Blockchain technology has been successful, and praised, for its ability to disrupt traditional market, such as banking and a number of other that are being discovered almost daily.
With Cannabis having no traditional, legal, market, there is a huge gap in the market for Blockchain technology to fill. And additionally, there is no threat of fight back and heels digging in by putting this burgeoning economy onto the Blockchain.
Paragon believes that Blockchain technology will not only show that the Cannabis industry deserves to be on the white list, alongside Big Pharma, but it will also allow it to expand exponentially.
It is not only Cannabis growers and sellers that suffer at the fate of outdated laws, it is entrepreneurs and businesses surrounding the controversial plant that have issues with the legal framework.
Paragon hopes that by putting the production, lab testing, and distribution on the blockchain, there will also be a spike in innovation and globally awareness.
Paragon’s idea for boosting a marketplace of innovation around Cannabis is to create Paragon spaces which are essentially co-working spaces in order to help grow that industry through innovation.
Using their paragon Coin, the company also believes that the men on the ground growing and selling can receive funds without fear of legal ramification, but also the innovators can interact globally through the use of this specialised digital currency.
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