Bitcoin has an overall market valuation of $95 billion.
Investors believe the momentum is warranted given the results of the last hard fork in August, which split the network in two, but did so in a way that fairly safely created a new asset called bitcoin cash.
Distributed to all bitcoin owners at the time of the fork, investors were suddenly given an equal amount of valuable cryptocurrency (bitcoin cash has held relatively steady around $300 per coin, but has traded for as much as $1,000). Far from a risky proposition, investors see that extra value as just created out of thin air and delivered to existing investors for free.
The total cryptocurrency market cap to rise above $175 billion for the first time since the beginning of September.
The price of ethereum and ethereum classic (the new coin) dropped initially after the split, ethereum’s market value recovered quite nicely, currently hovering around $32 billion, while ethereum classic continues to hold value at just over $1 billion.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.