Bitcoin is losing share in market capitalization. This is just one of many possible ways to describe recent events in cryptomarkets. The surging capitalization of Ethereum and the related ICO phenomenon are the main reasons behind such developments.
The price of Bitcoin has doubled since the beginning of the year, currently floating around USD 1,900 per Bitcoin. There are a few generally stated reasons why the virtual currency is on the rise. There have been recurring talks about the Exchange Trade Fund, which should ordinarily be traded on the larger exchange markets.
Recent developments in India continued to steal headlines in the past couple of weeks. A surprising upshot was reported in both China and Vietnam while Spain and cannabis in the U.S. also generated significant interest.
South Korea has embarked on a completely opposite course by recently announcing its intention to regulate digital currencies. The Financial Services Commission decided to proceed with further regulation in the light of the increasing popularity of Bitcoin in the country.
The major talking point of the past two weeks undoubtedly was the much anticipated outcome of the U.S. presidential election that affected the price of Bitcoin. To a similar extent, attention has been paid to India, where Bitcoin and cryptocurrencies in general are on the verge of a successful breakthrough.
Argentina reports that one of its start-ups has been testing an app called Signatura. It is used as a tool verifying official or administrative documents, without the need for third party confidentiality agreements. Potential areas of application include both the public and the private sector.
Today, the bestknown cryptosystem, i.e. cryptocurrency is Bitcoin. However, not many people recognise the revolutionary potential which cryptosystems entail — the paradigm shift in many social phenomena, not only those of a financial nature.
The past two weeks were chiefly engulfed by news concerning banks and regulations in relation to cryptocurrencies. Providing some balance on the other side of the spectre were positive pieces introducing Bitcoin´s newfound capacity to cover electricity bill payments in Japan or coffee-breaks in Russia.
It looks like cryptocurrencies are once again becoming a reliable payment method for citizens living in unfavourable conditions. Just recently, Venezuela joined the ranks of the likes of Greece, China, or Cyprus in opening the gates for cryptocurrencies.