Cryptocurrency Market Back to Irrational Exuberance After Yesterday's Panic
- The price of Bitcoin has rebounded from the China ICO ban crash and is now back above $4500.
The prices of all top Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term have recovered over the past twenty-four hours and many are back to near record levels. This comes just shortly after Chinese regulators announced a ban on ICOs which caused a panic selloff in the market.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, which fell from a record $5000 to as low as $4000, is now back above $4500 - giving it a $75 billion market cap. Ethereum, which was below $300, is now back at the $330 level with a $30 billion market cap. Likewise, Bitcoin Cash recovered about 16% in the last twenty-four hours, reaching a price of $610 and a $10 billion market cap.
But is this testament to the future of the technology or just a bubble waiting to burst? According to Nobel prize-winning professor Robert Shiller, who wrote the book on bubbles ("Irrational Exuberance"), it might just be the biggest bubble in the world right now.
When asked by Quartz in a recent interview what the best current examples of irrational exuberance or speculative bubbles are, Shiller answered: “The best example right now is bitcoin."
Trying to explain the causes, Shiller said: "If you look at the third edition of Irrational Exuberance, I’m arguing that there’s a fundamental deep angst of our digitization and computers, that people wonder what their place is in this new world. What’s it going to be like in 10, 20, or 30 years, and will I have a job? Will I have anything?
Somehow bitcoin fits into that and it gives a sense of empowerment: I understand what’s happening! I can speculate and I can be rich from understanding this! That kind of is a solution to the fundamental angst.
So I’m trying to deconstruct the bitcoin story. Big things happen if someone invents the right story and promulgates it.”
The prices of all top Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term have recovered over the past twenty-four hours and many are back to near record levels. This comes just shortly after Chinese regulators announced a ban on ICOs which caused a panic selloff in the market.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, which fell from a record $5000 to as low as $4000, is now back above $4500 - giving it a $75 billion market cap. Ethereum, which was below $300, is now back at the $330 level with a $30 billion market cap. Likewise, Bitcoin Cash recovered about 16% in the last twenty-four hours, reaching a price of $610 and a $10 billion market cap.
But is this testament to the future of the technology or just a bubble waiting to burst? According to Nobel prize-winning professor Robert Shiller, who wrote the book on bubbles ("Irrational Exuberance"), it might just be the biggest bubble in the world right now.
When asked by Quartz in a recent interview what the best current examples of irrational exuberance or speculative bubbles are, Shiller answered: “The best example right now is bitcoin."
Trying to explain the causes, Shiller said: "If you look at the third edition of Irrational Exuberance, I’m arguing that there’s a fundamental deep angst of our digitization and computers, that people wonder what their place is in this new world. What’s it going to be like in 10, 20, or 30 years, and will I have a job? Will I have anything?
Somehow bitcoin fits into that and it gives a sense of empowerment: I understand what’s happening! I can speculate and I can be rich from understanding this! That kind of is a solution to the fundamental angst.
So I’m trying to deconstruct the bitcoin story. Big things happen if someone invents the right story and promulgates it.”