Regions

Bitcoin and other digital currencies on the rise

November 28
12:01 AM 2013

Seven days ago, the digital cryptocurrency Bitcoin was trading at USD615, but on Wednesday, it passed the USD1,000 mark on Bitcoin exchange Mt. Gox. Bitcoin's market capitalization is now at USD11 billion. Along with Bitcoin's rise, almost all of the peer-to-peer digital currencies are also growing rapidly, The New York Times reported.

According to coinmarketcap.com, a site that monitors cryptocurrency, Litecoin has also risen 60% in the last 24 hours alone. Litecoin is similar to Bitcoin, but is more easily created. The said currency's market capitalization is now at USD644 million. PeerCoin rose 30% since Tuesday and is not worth over USD75 million. Feathercoin, Infinitecoin, Namecoin, Megacoin, and others have also increased by double-digit percentages, the report stated.

In addition, Bitcoin is now becoming a more acceptable payment alternative. Several cryptocurrency enthusiasts and Bitcoin investors have grouped together to create "Bitcoin Black Friday." On the Friday after the US Thanksgiving Day, most major retailers offer promotional sales to kick off the Christmas shopping season, according to Investopedia. Hundreds of retailers, charities, and online services will accept the said digital currency on Black Friday, the report explained.

However, not everyone is very enthusiastic about the Bitcoin and similar denominations. Reuters Breakingviews economic editor Edward Hadas thinks Bitcoin and other crytptocurrencies could easily lose their value because of their uncertain legal status, The New York Times reported.

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