Economic news

Bitcoin set to grow; $8,000 mark in sight

Bitcoin began suddenly to rise after a long hibernation on the cryptocurrency market, and investors with a long-term bullish trend mark the digital assets’ advantages, such as durability and high volatility.

bitcoin set to rise 1505Photo: Pixabay

The young cryptocurrency star, Erik Finman became bitcoin millionaire in his 18 years, in an interview to  MarketWatch said that bitcoin and its analogues can be a real lottery ticket for those who have the strength and courage, to hold on to or directly invest in the asset for at least the next decade.

Finman is sure that it is easy to become a millionaire by investing in the bitcoin and blockchain, and what is more, he added, "if you miss the opportunity to become a billionaire in the next 10 years, your own omission"

Volatility of Bitcoin is really high, because in December the price of the most famous cryptocurrency hovered at just over $3,000, and on May 14 the price surged over $8,000.

  • Bitcoin gained 3.21 percent on Wednesday, reaching the mark of $8,000 at 15.23 GMT;

  • Ethereum rose by 13.79 percent to $232,71;

  • Ripple climbed by 10.19 percent to $0,429;

  • Bitcoin Cash added 1.48 percent to $376,50;

  • Litecoin increased its value by 6.36 percent to $93,50.

In other words, futures bitcoins rose almost 120 percent YTD according FactSet data. For comparison, the growth of Wall Street’s indices since the beginning of the year was as followed: the Dow +9,8 percent, the S & P 500 +13.5 percent and the Nasdaq Composite Index almost +17 percent.

As for today, the indices show the following dynamics: the Dow added 0.45 percent to 25,646.10, the S&P 500 grew by 0.58 percent to 2,850.77 and the Nasdaq jumped 0.98 percent to 7,809.77 at 3.46 GMT.


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