The recent rally of the Bitcoin price to $3,000 paused with inevitable corrections and the price moved to the level of about $2,750 per BTC. Meanwhile, the main competitor of the world’s largest cryptocurrency - Ethereum (ETH) is pushing up.
The fact that the Bitcoin price is moving up so fast surprises cryptocurrency and Blockchain experts. We know that Bitcoin is a promising investment tool, yet the price has doubled in just half a year, from $850 in December up to its latest maximum of $1,750 in May. Could good news like world governments accepting cryptocurrency play a role in the Bitcoin and altcoins price race? Or are we observing another ponzi scheme? Should we expect corrections soon?
On Wednesday, May 3, one of the largest cryptocurrency exchanges, Coinbase, announced that it was adding support for Litecoin. The Litecoin price reacted immediately with a sharp rise in price from $16 to $21 to surpass a market cap of $1 billion.
One of the top-5 most valuable digital assets by market cap, Dash, is in another major price uptrend after the announcement that one of the world’s largest cryptocurrency exchanges, Kraken, would support Dash.