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Bitcoin now worth over US$1,000, outperformed all other central bank issued currencies in 2016

Cryptocurrency, cash alternatives, Blockchain
   

2017 has started off on a bright note for anyone holding any Bitcoin, the world’s most popular cryptocurrency which has so far been the leading representation of blockchain technology.

At the start of the year, it jumped to over $1,000 across different Bitcoin exchanges reaching its highest peak since a crash in 2013 that proceeded an impressive rally that same year.

Exchanges like US-based Coinbase ($1,020.04), Europe’s Bitstamp ($1,020.60) and Zimbabwean based Bitcoinfundi ($1,050) are trading Bitcoin at over $1,000 as the cryptocurrency eases into its highest valuation in years.

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This rally which translates to a 125% surge in value also placed Bitcoin as the best performing currency for traders in 2016. According to Bloomberg Bitcoin’s climb outpaced the gains made by the Russian Rubel and Brazilian Real which were the two leading performers for fiat currency trading.

Some of the reasons suggested by analysts for Bitcoin’s rise include the increasing acceptance of the currency, a reduction in its supply and tighter capital controls for cross-border transfers in huge markets like China.

With most of these factors likely to remain material in 2017 there is speculation that Bitcoin will continue on its positive run and enjoy an even higher valuation this year.

image credit – freeformers.com


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