Within a period of one week, Bitcoin price rose from $1,900 to $2,800. In Asian countries like South Korea, it was exchanged around $4,000. Gaining a market cap of almost $44 Billion, the growth of Satoshis lifted many altcoins along creating a boom in the cryptocurrency market, and a notable bulge rate. Market Capitalization of all cryptocurrency was then estimated to be touching $90 billion.
Ethereum’s Market price crossed the $200 line twice, and his younger brother Ethereum Classic saw its biggest growth. On Tuesday, last week it surged as high as 105%. Two weeks ago ETC market price was around $6 but it admirably went up more than the $20.
This same week saw Blockchain bank transfer giant Ripple, more than doubled its market cap. Moreover, Monero that was declining gradually went up 70 percent. It was so awesome to watch NEM, ETC and even Stellar Lumen climbing up on top 10 rankings.
The global community of digital currency was awash with ecstasy. Despite all the euphoria, season analysts Like Vinny Lingham and Trace Mayer tagged it a bubble and predicted a looming burst not too far away.
Many ignored it and challenged them. Mayer’s post on Twitter on May 25, for instance, was rubbished by many community members. It price rally was dubbed by many as the next stage of the industry.