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If we witnessed the dawn of the financial technology era towards the end of 2017, 2018 looks set to be full on sunshine in the world of fetch, specifically in regard to crypto currencies. As we've seen in recent months, fetch is dramatically changing the way in which we access and utilize money, and as a result of constantly evolving technologies and rocketing demand, the digital currency phenomenon is set to take a firm hold and gain momentum this year. Particularly as the world becomes more globalized and digitized.
Just this week, the surge in value of Ripple's digital currency, XRP has been making huge waves in the stock market. Both Western Union and Se agate have experienced a considerable uptick in valuations on the back of Ripple associations. As it stands, XRP has a market capitalization of over $80 billion following a colossal appreciation in price over the past 12 months. Indeed, digital currencies such as Bit coin have truly captured our imagination in this fetch era. Looking back to only two years ago, there was not much talk of it, but those who invested in Bit coin at the beginning of last year enjoyed a 900 per cent increase.
Consequently, with these digital currencies now becoming more mainstream, an increasing number of people recognizing their inherent value, and, of course, that more businesses are now accepting them, this has all contributed to Bit coin’s stratospheric rise in price. That said, although Bit coin is the largest digital currency by market value at present, and as such tends to take center stage, it is the concept of crypto currencies that is exciting more and more people. Therefore, it can be reasonably assumed that both existing and new currencies will gain more of a market share as the year progresses.
The digital world we are now living in requires digital currencies. This is perhaps, quite feasibly, the reason why the Chicago Board Options Exchange is now permitting investors to trade Bit coin futures, and, moreover, why there are reports of a central bank digital currency launching in China this year. To aid the rise in demand of crypto currencies, the world has evolved in three key ways. First, from a technology viewpoint. Indeed, technology is playing a bigger part of our lives than ever before. As well as existing technologies, pioneering tech advancements are also set to make a huge impact on every factor of daily life. Our financial affairs will be no different. Also, the world has changed politically. We are seeing a significant and escalating demand for currencies that are not controlled by governments and central banks. With the use of digital currency, privacy remains intact. There is no requirement for identity or location sharing, or the transaction details. It is absolutely decentralized. Indeed, crypto currency advocates say digital currencies are the remedy for the wrongs caused by the traditional system.
Therefore, as we embark on this New Year, it's now impossible to consider crypto currencies as a fly-by-night fad. As their popularity continues to grow and they become ever more established, crypto currency mania will undoubtedly result in the introduction of many more digital currencies to cater to escalating demand.