During the last couple of years, Bitcoin has seen its ups and downs, yet, it has never managed to overcome the collapse it faced after the Mt. Gox accident, when millions of dollars-worth of Bitcoin were stolen from one of the world’s most popular Bitcoin Exchanges at the time- until now.
The year of 2017 is starting out big in the world of Bitcoin, considering the fact that the digital currency has just managed to break $1,000, a figure that was last achieved at the beginning of January 2014, thus showcasing the fact that Bitcoin is now back on its feet, and stronger than ever. Not only this, but Bitcoin is also significantly stronger when compared to 2013/14, due to the fact that the overall market capitalization of the entire bitcoin Blockchain has surpassed the value of $16 billion, a figure never seen before on the market. Indeed, this is still considerably smaller when compared to the market cap of PayPal, which is situated at $47 billion, yet it proves that there is still enough place for growth, and that bitcoin will likely surpass that too, in the near future.
Not only this, but the new year also started with a new trading volume record, as during the last 24 hours, the USD trading value managed to surpass $163 million, with most of the activity being carried out on the Chinese Exchanges.
Economic analysts believe that a part of the driving force behind this great bitcoin rally is due to geopolitical volatility, the continuous war on cash, the devaluation of the Chinese Yuan, hence the increasing demand of Bitcoin in China, etc. Unlike before, the growth isn’t due to a worldwide economic crisis, but is rather mostly based on the offer/demand principles of economy.
In a recent press statement, Bobby Lee, the CEO of BTCC mentioned that: ‘I think 2017 could be a continuation of 2016, in terms of it being a growth year for bitcoin’s price. We are clearly in a bull market for bitcoin now, and my experience tells me that bitcoin bull markets don’t end until the previous high is exceeded, and that the new price is several multiples higher than the previous high.’
It is worth pointing out that other prominent members in the bitcoin industry share similar beliefs, and have strong opinions on the future of bitcoin throughout 2017.
Based on everything that has been outlined so far, what do you personally think about Bitcoin breaking the $1,000 price point and its record on the total bitcoin and Blockchain market capitalization? Let us know your thoughts in the comment section below.