It has been another great 24 hours for Bitcoin, and other top cryptocurrency tokens as the market continue to bounce back. Check out the latest news below!
Bitcoin and Ripple are gaining ground
The price of all the main cryptocurrency tokens has gone up in the past 24 hours. Bitcoin has increased by 2% and is now trading at more than $6,500 per BTC. At the same time, Ethereum has gone up by 5% and is currently being sold for $220. Ripple clocks in at third place, rising a staggering 16.5% to a value of $0.53. Seems low? Don’t be so sure. Ripple has overtaken Ethereum regarding market cap twice in the past week. The cryptocurrency market is all in all doing pretty well at present. The total market cap is at $217 million, and over two thousand different tokens are being traded on the international exchanges.
Bitcoin is now a word in Scrabble
Yesterday, we covered how Merriam-Webster has added Bitcoin to the latest edition of its dictionary. This means that players of Scrabble can now use the word while playing the Hasbro game, and it’ll earn them nine points. The addition of Bitcoin to the dictionary is significant because it’s another step towards public awareness and acceptance. Among the other words added to the dictionary were “twerk” and “emoji.” This could indicate that the phrase Bitcoin is on par with these terms, both of which are arguably more commonly known. We will undoubtedly see a rise in token value and investment as the general awareness of cryptocurrencies spreads.
New Bitcoin startup backed by Goldman Sachs and Google
Marwan Forzely is the man behind Western Union and has a knack for creating shortcuts when it comes to money transfers. His new venture Veem will be utilizing Bitcoin to cut out the middle man — meaning the banks. The experiment is backed by investment giants like Goldman Sachs, Silicon Valley Bank, Pantera Capital, and Google Ventures. Users of Veem will be able to use Bitcoin to make direct transfers from their bank account to a vendor or supplier. The fact that Bitcoin has risen exponentially in value since the first investment round has only strengthened the project. When Forzely started, Veem Bitcoin was trading at $300 compared to its current value of $6,500.
Bitcoin to become a multi-network token
There is no doubt that Bitcoin maintains the lead regarding market cap, but Ethereum has proven to have much more utility because of the way its network is structured. Countless ICOs have been made possible with the help of the Ethereum network. This is because Ethereum is a multi-network token. It utilizes a series of side chains, in addition to its main blockchain, to facilitate other developers using them. Bitcoin has been working on expanding its network to have the same capacity since 2014. It has taken up until now, however, to finalize the plans and put them into action. It will be interesting to see if Bitcoin will outcompete Ethereum when it comes to working with new ICOs. You can read a full description of the project here.