Blockchain News
The Crypto-
Revolution with
a Historical
Perspective
B
itcoin’s rise has been complemented
by the rise of Ethereum and a
number of other altcoins. Ethereum’s
market capitalization is now approximately
$80 billion. Bitcoin almost reached $20,000
trading levels before correcting itself while
ETH has been trading at over $800 and its
price has just about doubled in less than a
2-week period. Not only have bitcoin and
Ethereum experienced exceptional success
in terms of value, other altcoins like Litecoin,
Ripple’s XRP, and Qtum have also had a good
run this year. While we are all aware of these
impressive numbers, careful observers and
critics of the cryptosphere might question
what exactly led to this crypto-revolution?
The 2008-2009 Financial crisis caused
people to lose faith in the banking system
and the financial institutions that they
supported. People were looking for relief from
their financial hardships and coincidentally
this was also the time that the bitcoin
whitepaper was released. The concept where
the middleman (bank) is eliminated and
payments can occur directly between sender
and recipient were truly appealing.
Core Magazine
19