The rise of bitcoin is happening faster then anyone ever projected. It’s starting to attract more and more mainstream investors. Now the currency is finally starting to take note with the larger, more professional financial institutions. It’s finally starting to happen with other digital currencies as well.
And the evidence is clear and present with Bloomberg’s decision to add prices for three of the largest crypto-currencies in the world. The major financial institution was Ripple, Ethereum and Litecoin – The three of them are now available on the terminal service. This is actually used by a lot of major banks and other larger financial investors around the world.
In addition, there are amounts of a validation needed – It is required for several of the digital currencies, that have been around for along time and have proof, but have always been second or lower to bitcoin.
The three digital currencies are all run a similar distributed ledger and technology. Bitcoin does as well, although they are all very different from anyone.
Ethereum now relies on a more versatile system then does the other cryptocurrencies. It has made Ethereum one of the most popular platforms on the market. Especially so with other digital tokens, like Litecoin – that is built for much faster transactions at a much cheaper rate for fees. It’s said to be a much more efficient platform then bitcoin is.
On the other hand, there is Ripple, a private company that helps banks and other financial institutions with blockchain technology setup through the use of its currency, XRP. It’s designed to be traded in the open market.
Then there is Ethereum, the second largest cryptocurrency in the world. One that is said to be the most versatile, software systems around. The platform is used to create many other digital tokens and has seen a remarkable price jump early in the year. They saw a jump from about $10 to $200 in just a few months. It’s now trading at around $700. Litecoin has also seen numbers that are similar to it in the past of the last year. Ripple has seen a ton of price changes since last year.
The interest in other alt-currencies is now coming around from large financial institutions. This easily shows the power of growth that these cryptocurrencies are going through. It’s especially good for those who want an alternative to trade instead of bitcoin which is currency around $17,000.00.
Bloomberg has declined any requests to comment on the new decision. No one knows exactly why they added the currencies to the terminal, but an individual who is familiar with the company has stated there is an added feature that works great for foreign-exchange traders.
They then added that terminal data, draws information from the prices relayed to it from bitstamp. They’re a Luxembourg based exchange company, one of many larger companies, who are looking to obtain virtual currency from the new market place. Price spread often differ greatly depending on the exchange.