As you know, Bitcoin is a digital currency which is exchanged electronically. It was created in 2009. It is not printed like a typical currency such as Euros and Dollars. They are produced by people & businesses and are being in use all around the world. The transactions are made easily without the involvement of any third party like banks. You can make transactions without giving your real name. With the Bitcoins, you can buy stuff like pizza, web hosting services, and manicures, etc.
Performance in December 2016:
In the last week of 2016, the total value of bitcoins hit a record above $14 billion. This is the digital currency which maximum people have never used. Apart from this, the rate of this currency rose to 5 percent on Thursday which is the highest in three years. On the Europe-based Bitstamp exchange, the rate of single bitcoin reached to $875. Since January 2014, this is the strongest level of bitcoins. This is known as the best daily performance of bitcoins in six months.
When you compare its current rate with its rate on the starting of the year which was around $435, you will see a high rise in the rate. Many experts are relating the rise of bitcoins with the fixed reduction of the Chinese yuan. The Guardian, which is a British newspaper also represents this report that the majority of bitcoins trading is started from China and an increase in demand from there has brought a significant and instant impact on the price.
Bitcoin is a web-based cryptocurrency which can spread the money in the entire world quickly and without the involvement of any authority. It is a great and attractive method for those who are looking to get around capital controls like China. This digital currency is still far away from its target that it made in 2013 which was around $1,163 on the Bitstamp exchange.
But with the continuous use of bitcoins, the rate of these bitcoins has reached to 12.5 in every 10 minutes. It surpassed the peak point of 2013 of around $14.10 billion. In a press conference, Charles Hayter who is the founder of Cryptocompare (a data analysis website) said, “Bitcoin had been helped higher by demonetization in India and by global political uncertainty. If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety”.
Performance on 1st January 2017:
Finally, on the first day of this year, the exchange rate of bitcoins versus the US dollar crossed the mark of $1,000 for the first time on the online exchange Bitfinex. This line was also crossed at Bitstamp. The exchange rate has reached 1,005 USD per bitcoin at Bitfinex and 1,000+USD per bitcoin at Coinbase and Kraken among other websites.
According to the data presented by Mercado Bitcoin, this digital currency has broken the all-time record highs in euros around the Christmas holidays as well as the all-time high in Brazilian reals. Now, when the Bitcoin has crossed the threshold of $1,000, the conversation around the cryptocurrency is surely going to start as a new and safe haven.