Bitcoin rivals Ethereum, Litecoin surge in value

By Bitcoin FOXBusiness

Bitcoin bubble: Risks associated with the cryptocurrency

Kingsview Asset Management CIO Scott Martin and Lido Isle Advisors principal Jason Rotman discuss the risks associated with bitcoin.

Bitcoin rivals Ethereum and Litecoin are surging in value this week as investors flock to buy into the booming cryptocurrency marketplace.

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Ethereum is trading above $600 for the first time this week. The digital currency has jumped 98% in value in the last month and more than 7,250% since this time last year, according to Coinbase.

Litecoin has experienced a similar boon. The currency crossed the $350 barrier in trading on Tuesday, surging 78% in a single day and more than 9,500% since this time last year.

Coinbase briefly suspended trading of Litecoin and Ethereum amid the surge in buyers, Fortune reported.

Meanwhile, bitcoin, the most well-known and valuable cryptocurrency platform, once again flirted with record levels and was priced above $17,750 per coin as of 3 p.m. ET on Tuesday. Bitcoin has risen nearly 200% in value in the last month alone.

Bitcoin has steadily risen in popularity since its debut in 2008 due to the anonymity it affords to users. The cryptocurrency allows individuals to transfer value and make secure transactions.

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The marketplace is not regulated by any government or central bank, though some countries have expressed interest in regulating cryptocurrency usage, or even introducing a state-sponsored version. Experts remain divided on bitcoin’s volatility and place in future economies, with some business leaders, including JP Morgan CEO Jamie Dimon, arguing that it is a bubble waiting to burst.

Cboe Global Markets in Chicago launched bitcoin futures earlier this week.

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