The cryptocurrency community has many reasons to celebrate last week, as well as this new week as investors have become excited due to the current increment in the price and value of cryptocurrencies in the industry.
The recent blockage in the industry was caused by the South Korea ban which resulted to a shortage in the supply of cryptocurrencies such as Bitcoin, Ethereum, and others making these tokens almost worthless in the South Korea cryptoverse.
Due to the shortage, cryptocurrency traders in South Korea depended on miners in Japan and China for supply, but the ban also made it difficult for foreign investors.
According to the data of Bitcoin’s Price Index (BPI) gathered by Coindesk, the price of the world’s largest cryptocurrency, Bitcoin, hit a 40-day high above $9200 on Tuesday morning.
Over the past few weeks, the price of Bitcoin has been on a steady increase and climbed above $9,000 after the morning trading session, which started at around 00:03 UTC, and soon after it continued to scale up to $9,225 at 5:37 UTC.
Bitcoin and other altcoins have increased in value from $324 billion to over $421 billion regarding capitalization, with Bitcoin hitting its highest point since its $800 fall on March 14, reflecting a 39% increase since the market decline putting its strong performance into play.
According to market data, four out of five of the largest cryptos by market cap are experiencing a one-month price highs. Ethereum, the second largest cryptocurrency in the world, is now $680 after its slumping below $400. Bitcoin cash has almost doubled its price since April 18, hitting $1,547.12 as at 6:22 UTC.
The value of altcoins are on the rise, and it will continue to climb up if harsh regulations are not used against the ICO world. And if the SEC would consider the proposal venture of capital firms like Andreessen Horowitz.