In the midst of Bitcoin’s rise to fame, other cryptocurrencies are beginning to see their share of the limelight. With a couple of other top contenders really doing well this week.
People started buying up Litecoin and Ethereum like crazy on Tuesday, causing Coinbase, a major cryptocurrency trading platform to block users from buying anymore. Coinbase’s website shared that Litecoin and Ethereum experienced big outages for a while.
Due to the enthusiasm of investors, both currencies were boosted to new levels, with Litecoin hitting a record of $312, a 40% gain, and Ethereum reaching a value of more than $600 for the first time. With all the interest in digital money, the cryptocurrency market is heading toward $500 billion.
Aside from Ethereum and Litecoin, almost all cryptocurrencies are being looked at by various new investors that keep pouring in. The Top 10 digital currencies were all doing well on Tuesday, trading in the green. This is according to information provided by CoinMarketCap, a data provider.
Much of this cryptocurrency excitement revolves around the recent launch of Bitcoin futures by Cboe Global Markets, an exchange group located in Chicago. That launch has helped to push digital currencies as a whole into the more mainstream sector. This launch could very well set into motion an exchange-traded fund that will reign in Bitcoin’s volatility. Not to mention that the extreme returns being seen across the market is gaining the interest of more and more people on Wall Street. There is quite a bit of favorable speculation about cryptocurrency, with supporters betting that cryptocurrency will continue to increase in popularity in the coming new year.
However, there are still a lot of skeptics that look at the market and predict that this will be a large bubble that will soon come to an end. The founder of Litecoin even issued a warning on Monday, asking people to calm down a bit when it comes to investing in Litecoin.
He explained, “Sorry to spoil the party, but I need to reign in the excitement a bit…,” he wrote. “Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!”
Right now it is looking like these current digital money critics may be in for a big surprise. Cryptocurrency is doing quite well for now, and investing in digital money does not appear to be slowing down anytime soon.