Analysts are bullish on the digital currency, with Ark Invest CEO Cathie Wood predicting that bitcoin will hit $500,000 in five years and that her firm's belief in ether has grown significantly, according to the star stock picker in an interview with CNBC anchor Andrew Ross Sorkin at the SALT Conference on Monday. Her forecast is contingent on firms continuing to diversify their balance sheets into bitcoin, the most valuable cryptocurrency by market capitalization, and institutional investors allocating 5% of their funds to it.
Following a scam linking the digital currency to a collaboration with retail behemoth Walmart, cryptocurrency prices have stabilized, with Litecoin gaining marginally on Tuesday. On Tuesday, Litecoin was trading at $179.47, up 2.85%. Other cryptocurrencies, including the world's largest, Bitcoin, rose in value. At the time of writing, Bitcoin has increased 3.91 percent in the previous 24 hours to $45,506. This year, Bitcoin has increased by roughly 59 percent. Walmart and GlobeNewswire, the company that sent the phony press release, have both said that they are looking into the problem.
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