In its first day of trading in 2017 that Bitcoin has broken the $1000 barrier. The benchmark was preceded by a small period of slow trading.However it rebounded not long after and it is currently trading around $1012 per Bitcoin.This marks the 1st time that the crypto currency has reached the landmark after it last surpassed it almost 3 years ago in January 2014 when it was $1023. Judging by the recent trends it won’t be long before Bitcoin breaks its highest ever trading level of about $1216.7 which was set back in 2013.
Bitcoin currently has market capitalization of about $16 billion. On the other hand the new trading volume records are also made with the US market recording trading at $163 million with Chinese exchanges thought to be more than 10 times worth the US level. In this market, Bitcoin is trading even higher at about $1050, as of latest.
It is not a surprise then that recent surge in Bitcoin’s value is in part triggered by the demand in China, where people are looking for alternatives in the face of a devalued yuan, as well as more independent areas of investment with less interventions. Apart from all these, unrest in key geographical locations, a new wave of populist movements, and falling gold prices can also be linked to the Bitcoin’s rise.By reaching the psychological level of $1000, Bitcoin has once again proved that it isn’t affected by what critics think of it. If analysts predictions are anything to go by the bullish trend carried over from 2016 will continue well into this year also.