Price Analysis 6 December- Bitcoin, Litecoin, Ripple, and Ethereum
Dec 07, 2017 Posted / 19917 Views
With the Bitcoin currency hitting the headlines after crossing the $11,000 mark, there is no dilemma about that the model of cryptography has been a big hit. It's like cryptocurrency has been there in our everyday life since ages, Bitcoin currency is the first successful implementation of the concept of decentralization.
The concept of virtual money is not new, there have been several previous unsuccessful attempts like the Bitcoin Gold and B Money, only formulated in blueprints. The cryptocurrency came into limelight when a Japanese individual or a group of persons named Satoshi Nakamoto released a white paper titled Bitcoin- a peer to peer electronic cash system in the year 2008. At first most of the people, those who even know the meaning of the term cryptocurrency were all up in protest against starting another parallel. But, cryptocurrency, Bitcoin raised from rags to riches, from $23 to $1100.
The emergence of Bitcoin currency also fueled hundreds of decentralized currencies which cropped up immediately, Litecoin, Ethereum, Ripple, to name a few. The core technology of the cryptocurrency is Blockchain, this is what paved way for the cryptocurrency to gains grounds worldwide.
The blockchain is a technology innovation that is not only rewriting the norms of financial markets and institutions, also, have significant implications in various business and industrial sectors. To understand at its core, a blockchain is a shared database, means, the storage devices are not all converged to a common processor. It keeps a tap on the growing list of ordered records, known as the blocks. And, here, each block has date and time stamps, and a link to the previous block. For the Bitcoin point of view, the miners of the chain verify every transaction made over the Bitcoin network, and then its details are stored into the Blockchain ledger as a block. Entry once made cannot be edited, this is what makes this technology foolproof. Here, there is no single point of hacking, means, if the hacker wants to attack the chain, needs to bring viruses to every computer. Otherwise, this hacking attempt would be a complete failure. The Blockchains are secured by design, whose concept was set forth by Satoshi Nakamoto, a Japanese individual in the year 2008. Then, for the first time, it was implemented in the form of Bitcoin in 2009. Today, the Blockchain technology serves as a distributed ledger for all cryptocurrency transactions.
The Bitcoin value passed the $12000 mark, reaching the record high value for cryptocurrencies so far, thus, ensuring a considerable surge in the gain rate. After, going past this milestone, the virtual money is moving towards another high to make great gains. Bitcoin, the world’s biggest digital currency in terms of market capitalization, has enjoyed robust gains for the year 2017. Since, its establishment, it has done well to win over the hearts of the people and gain visible interest. The cryptocurrency analysts have given a positive point of view and are predicting the value of Bitcoin to rise further, without much hiccups. However, Michael Novogratz, the former hedge fund manager has given a bullish view, over the CNBC debate, telling this cryptocurrency will reach up to $40,000, during the last phase of the next year.
In the last 24 hours, the Bitcoin currency worth rose from $11803.46 to $12632.63. This makes it evident that the Bitcoin is witnessing a significant rise in its value in a very short time frame.
It is a new peer to peer cryptocurrency and an open source software venture unveiled under the license MIT/X11. The transfer of this currency is based on the principle of the open source cryptographic protocol, and not governed by central authority. From December 5th to December 6th, this currency saw a slight decline of -1.27% to reach the value $101.27.
Launched in the year 2015, the Ethereum currency has the added perk of smart contracts. A smart contract is a deal between two parties, one buyer, and one seller, both agree on a specific term. Here, if the condition is specified, then, the payment is made. Ethereum currency is commonly used for initial coin offering, owing to security aspect. In the last 24 hours, this digital currency, seen a fall of 5.51% to reach the value 436. 55, its market capitalisation is $41,983,346,133, and volume in 24 hour $1,658,010,000 USD.
The Ripple is a real-time gross settlement model, digital exchange and a remittance chain developed by Ripple, also known as the Ripple Protocol or the Ripple Transaction Protocol. It is based on the distributed open source network. The present value of the Ripple currency is $0.243322 USD, with a fall of -1.48%, and 24-hour volume $252,619,000 USD.
At the end of it all, the prices of most of the cryptocurrencies are going to soar at a significant rate.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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