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Updated December 10, 2018 06:08:14 The cryptocurrency market is booming again, and it appears that the $4.6 million gift card will increase the value of many crypto assets.
CryptoCoins.com reports that the gift card has already increased by $3.7 million over the last 24 hours, adding that the value has also increased by another $6 million.
The crypto community has already begun to celebrate this news, with some buying gift cards in anticipation of this new cryptocurrency boom.
“This new crypto bubble is here, and its a good thing, but there is a lot of uncertainty around what the next few months will bring,” one cryptocurrency investor told CryptoCoops.com.
“People are looking for a safe haven, and with Bitcoin, there is more volatility than the cryptocurrency market itself.”
CryptoCoins is not the only cryptocurrency market reporting positive news.
According to Bitcoin news site CoinDesk, prices of Bitcoin and Ethereum have recently increased, with prices increasing by $8,500 and $6,200 in the past 24 hours respectively.
The currency has seen a rise of more than 300% in the last 48 hours, while Litecoin has seen the same trend, jumping by more than 800%.
According to CoinMarketCap, Litecoin’s price jumped more than 400% in just over 24 hours on December 5, and was trading at $5,717 at the time.
Bitcoin has also seen a huge increase in the currency’s price over the past month, jumping almost 600% over the same period.
While this surge has helped fuel the cryptocurrency boom, it has also brought some of the same concerns that many have been voicing over the previous months.
“I think people are concerned about the price of Bitcoin because they are scared of volatility,” an investment analyst told CryptoStigma.com, referring to the price fluctuations.
“They have not seen a spike in price in quite some time, and people have been worried about the cryptocurrency bubble.”
“Bitcoin has been at an all-time high, but with so much volatility around it, people are taking risks and trying to speculate on price increases.”
Cryptocurrencies are also experiencing some problems with transaction fees.
On December 3, Bitcoin was trading around $2,100 at the height of the cryptocurrency’s rise, but on December 8, it crashed to $2.50.
This means that users are spending less on Bitcoin, but it does not necessarily mean that users will start to spend less on other cryptocurrencies.
However, the cryptocurrency is not without its positives.
For one, it is a great place to store your money, as there are no transaction fees and transaction fees are negligible.
Another advantage is that it is an excellent investment.
“You can buy bitcoins with cash, and you can buy them with fiat money,” one Bitcoin investor told CoinDesk.
“The price fluctuates a lot.”
Cryptolinguist.com notes that, as of now, there are approximately 2.3 million users in the Bitcoin community, with the largest number of users in China, followed by the US, Japan, and Australia.
The digital currency has also become a popular way to buy luxury goods and travel.
The price of a Bitcoin has skyrocketed in the previous year, from $13 to $4 a piece in December 2017.
In the past year, it became the most popular cryptocurrency by value on the site, with many people buying and selling Bitcoin.
“As of December 2017, the value had risen to $21.2 billion,” the site notes.
“The most valuable cryptocurrencies in the world today are also the most valuable on crypto exchanges,” CoinDesk points out.
“This makes it even more important to trade.”