The value of crypto currencies have increased rapidly these days. This is a complete reverse from the prediction of many analysts and value keepers. The unpredicted shift has been started by the acceptation of many countries and changing their regulations to favor the digital or crypto currencies. These crypto currencies are built on a special technology named block chain technology, this technology was developed for the first crypto currency named Bitcoin. Being the first to the party bitcoin price are always the highest among other crypto currencies.
Brief history of bitcoin
Bitcoin is the first decentralized currency ever created, as the creator of the currency is completely anonymous the currency cannot be traced back to any country. The value of bitcoin changed a lot tin the past decade. The first rapid increase in bitcoin price was found doing the month of July2010, the price has skyrocketed to 0.08$ from the initial value of 0.008$ within five days. The next milestone was during the beginning of 2011 where bitcoin caught up with the US dollar. From there the currency had a great rise and bitcoin reached its peak value of thousand dollars approximately during the month of November in 2017.
Ever since its peak time the value of the currency had slumped for a large value. The value of bitcoin was around 2000$ during these times. Then suddenly the value has skyrocketed again as different countries has taken a crypto friendly approach. There was a massive spike when the china decided to make the crypto currencies completely legal and started accepting different payments in crypto currency.
In the current situation, all of the major world countries have taken a crypto friendly approach and have legalized them except for India. In India the government is making a hard crackdown on crypto currency, this unwanted crackdown has been one of the reasons for the country economic decline recently.