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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