The following is an excerpt from SEAN WILLIAMS | January 28, 2018 | ibtimes.com |
This article originally appeared in the Motley Fool.
Since 2017 began, no asset class has been more impressive than cryptocurrencies. The aggregate value of these virtual currencies has soared from $17.7 billion to well over $800 billion at one point nearly three weeks ago. Investors in these cryptocurrencies have been treated to annual gains that would otherwise have taken the stock market decades to deliver.
While there are numerous catalysts that could be pointed to as fueling these gains, including a weaker U.S. dollar and the absence of institutional investors in decentralized cryptocurrency exchanges, it's the rise of blockchain technology that probably deserves the most credit.
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