2017 Marks Bitcoin’s Surge To $1,000

bitcoin

Bitcoin ended 2016 with a bang as the BTC/USD soared past the $1,000 mark with its steady growth over the holidays. The web-based cryptocurrency, last reached the said level three years ago, have surged past central-bank issued currencies gaining a whopping 125 percent in 2016.

Some analysts think that the unstable stance of major economies have led investors into cashing in on the Bitcoin currency.

The uncertainty in the Bitcoin value’s rise and fall has long been observed since its earliest days in 2009 where a coin is merely a penny a piece before peaking to $30—where most have thought that it was the highest the cryptocurrency can go. However, it climbed to more than $200 afterwards falling again to half of that in just a span of a week. In 2014, it unexpectedly shot up to over $1,200 then once again plunged to a fourth of that amount after a year.

For the past two years though, the movement of the cryptocurrency has been more stable.

Bitcoin Online As Volume Of Transactions Grows

The recorded movements in 2016 went at around 10 percent which is still considered very volatile compared to formal currencies but relatively lower compared to 2013 trading which had price swings as high as 40 percent.

The huge demand growth in China may have propped up the Bitcoin’s value. This may be due to the 7 percent annual drop in the Chinese currency’s value in 2016—the weakest movement of the yuan over the past two decades. Recent data showed that most trading of the cryptocurrency happened in China for 2016.

The trade of Bitcoin across the globe is deemed to be faster and more confidential and does not need the regulation of any jurisdiction that is why some investors find it more attractive than regular currencies, especially those like China who want to get around capital controls.

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Author: exocapitalfinancepro

As the dissemination of online financial news gets easier through the evolution of different media platforms, Exo Capital Finance Pro brings the most comprehensive up-to-date financial information right in front of your eyes. In line with the mission of Exo Capital Market, this news blog aims to provide the financial ideas needed by the clients through the market news and analysis delivered regularly. Exo Capital Mission Grounded on financial stability and service efficiency, Exo Capital Markets Ltd. hopes to stimulate and drive innovation in the world by catering the needs of its clients. Committed to guiding its clients to achieve their maximum potentials, the company seeks to lead and bring growth into the market through the high quality services it provides. Exo Capital Vision Exo Capital Markets Ltd. strives to become the leading financial services firm by offering its clients with the most modern solutions in the industry. The company wants to create an avenue of knowledgeable and competent traders by assuring accountability and honesty in delivering the services we provide for the community.

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