Bitcoin doubles in value in just two months

May 15, 2019

The world’s leading cryptocurrency, Bitcoin, has seen its value double in the last two months, with the controversial digital money trading at its highest in a year.

On 15 March Bitcoin was trading at €3,421.86, according to chart data from crypto website Coinbase.com. Today it is trading at more than double that, at €7,085.37.

Other cryptocurrencies, such as Ethereum, Litecoin and Ripple have also seen their values rise sharply over the last few months. 

Institutional interest

Bitcoin’s rebound is thought by some to be due to greater acceptance of the new form of cash and by growing interest among big corporate financial institutions in the cryptocurrency markets.

There has been chatter in the markets that financial powerhouse Fidelity may be in the final stages of rolling out cryptocurrency trading to institutional clients.

The largest bank in the US, JPMorgan Chase, announced a new digital coin earlier this year and recently announced a deal with Microsoft to partner and expand on blockchain platforms. 

Exchanges have been circling, too. The London Stock Exchange is working with a Hong Kong-based crypto-exchange and ICE, which owns the New York Stock Exchange, also launched a futures exchange for bitcoin and other cryptos.

Despite the doubling over the last two months, Bitcoin is still a long way down from its all time highs of nearly €14,000, back in December 2017.