It seems that Bitcoin is enjoying a bit of a boom. Just days after the broader cryptocurrency industry reached a record $30 billion in market cap, Bitcoin and a number of other, less prominent cryptocurrencies have made major gains, achieving record high price levels. In the past several days, currencies including Bitcoin, Ethereum, Ripple, Dash, and Monero surged at the end of the week, with some of the currencies achieving double-digit gains in just a single day.
Double-Digit Growth for Dash, Golem, and Monero
According to CoinMarketCap.com, lesser-known currencies Dash, Golem, and Monero achieved gains in the double digits for the 24 hours leading up to the end of the business day on Friday. Stalwart Bitcoin also posted gains, though they were much more modest. CoinTelegraph reports that Bitcoin's growth for the end of the previous week was sightly under 2%, not nearly as impressive as a figure compared with the other currencies but nonetheless significant enough to launch it upwards toward a new record high price level of just more than $1,350.
This is not to suggest that all cryptocurrencies saw a boom in the last couple of days of the week, however. Litecoin, having earlier enjoyed gains on the news that Segregated Witness technology would become active, remained fairly stagnant and in fact posted small losses overall.
Trading Volumes Make Significant Gains as Well
Along with boosts in price and market cap, many cryptocurrencies have been enjoying significantly higher trading volumes in recent months as well. According to a report by MarketWatch, trading and investment platform eToro has seen a massive spike in users buying and selling both Bitcoin and Ethereum since the beginning of the year. Since the beginning of 2017, the number of eToro users trading in cryptocurrencies has increased at four times the rate it increased for the same period in 2016. The overall volume of cryptocurrency trades on the eToro platform has jumped by 4500%, much of it due to trading activity in major players Bitcoin and Ethereum. In the case of Ethereum, eToro added the cryptocurrency to its platform just this year, while Bitcoin has been live on the platform since 2014.
What is driving this immense growth? Some analysts have suggested that extreme volatility in cryptocurrency prices has been a driver of trade activity; Bitcoin has jumped in price from $430 in early 2016 to more than $1350 at this point. Ethereum has climbed from $10 at the same time to $50 today. Mati Greenspan, a Senior Markets Analyst for eToro, indicated in an interview with MarketWatch that "the rapid growth in the adoption and price of cryptocurrencies only marks the first few steps on the long-journey to establishing cryptocurrencies as a dominant force in forex trading."