Bitcoin's price keeps rising and rising

Bitcoin's price keeps rising and rising

Bitcoin's price keeps rising and rising

Early Saturday, the cryptocurrency was trading just below $3,700 Dollars when the tide suddenly changed. The continuous price rise of Bitcoin could increase the demand for cheap cryptocurrencies such as Bitcoin cash. This marks the fourth all-time high in less than two weeks, indicating there is a lot of money flowing to Bitcoin right now.

The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. In the past one year, its value has increased by 27,300 percent. So people who want to invest in an ICO often need to get their hands on bitcoins (or ether, the currency of Bitcoin competitor Ethereum) first.

Japanese yen has accounted for 42 percent of bitcoin purchases, CNBC said, adding that Japan retailers began accepting bitcoin as legal tender earlier this year.

In the wake of record-setting growth for digital currencies like Bitcoin and Ethereum, graphics card manufacturer Nvidia has expressed their intent to focus more on the cryptocurrency mining market.

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The world's most popular cryptocurrency has appreciated almost 50 percent over the last month of trading, with data from the CoinDesk BPI indicating that the price of bitcoin was $2,423 on June 12.

A bitcoin could be bought for around $570 just 12 months ago - reflecting a rise of around 645 percent to today's exchange rate. In SegWit, Bitcoin locked a few days later and a code modification that fixes malleability issues and frees up space in blocks by allowing for more transactions to have stored in each one.

Aside from that, Wall Street's obsession with the cryptocurrency is seen by experts as another significant factor in Bitcoin's current success.

The most interesting aspect of the whole cryptocurrency mining rush is the potential development of GPUs for mining. Cryptocurrency trading is like a roller coaster ride. While Nvidia officials have declined to comment on rumors that the famous graphics cards manufacturer is developing GPUs that are specifically made for cryptocurrency mining, Huang recently hinted to analysts that the company offers coin miners "a special coin-mining SKU [that is] optimized for mining". Wences Casares who is also the CEO of Bitcoin wallet Xapo made this statement while he was at a conference in NY. Let us know in the comment section below!

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