Virtual currency continues to rise as companies and consumers increasingly use it to buy goods and services online.
The rise in popularity is evident in the virtual currency market, which has doubled in value in the past year.
More than 10,000 digital currencies have been traded on an exchange that tracks the dollar, the second-largest on the planet.
A month ago, the digital currency market had about $1.5 trillion in assets.
The market is growing, as evidenced by the number of virtual currencies trading on CoinDesk’s digital currencies exchange, which tracks $1 billion in digital currency trades per day.
E-commerce is driving the rise, as well, with digital currency companies such as Etsy and Paypal seeing huge increases in online sales, said Andrew F. Bracewell, director of financial innovation at PayPal.
The average sale price of a digital currency has increased more than 50 percent from the past six months, according to CoinDesk data.
Digital currencies are also driving up the value of other currencies.
The Japanese yen, for instance, has surged more than 100 percent this year, while the Swiss franc has gained nearly 70 percent.
Bitcoin and e-money, on the other hand, have been steadily losing value, according the data.
The bitcoin price hit $500 a coin in late February, and then has declined about 5 percent a month later.
Ethereum, on a much lower-than-expected level, has been a virtual currency that has been gaining momentum since the end of 2016.
The surge in value for digital currencies is likely a result of both strong demand for the virtual currencies and the ease with which companies and individuals can purchase them.
The value of bitcoin has risen about $6 billion in a year, according a report last week from the e-currency research firm CoinDesk.
Ecommerce is also booming, according Tolyson.
His research firm said the online shopping platform Amazon.com Inc. has surpassed the $1 trillion mark in sales in the first half of this year.
That is nearly triple the number that Amazon’s sales were in the same period in 2017.