Bitcoin Price Is Still Going Crazy

 bitcoin priceBitcoin Price Surges…Again

Bitcoin price is nearing the $900.00 mark, leaving investors to question whether it is headed towards an all new high.

Earlier this week, Bitcoin price hit a three-year high when it shot past the $800.00 mark, and now the cryptocurrency has its eyes set on zooming past $900.00, edging around there as of late morning on Friday. The question is whether the currency will be able to see a boost past the $1,000 mark going forward and, eventually, to a new all-time high, surpassing the previous record set in late 2013 of $1124.76. (Source: “Bitcoin enjoys end of year price surge,BBC, December 23, 2016.)

The majority of the BTC trading takes place in China, as restrictive monetary policies have encouraged residents to seek safety elsewhere, and the ultra-private Bitcoin served as an excellent release valve.

Charles Hayter, founder of the CryptoCompare website that watches virtual currencies, told Reuters that global political uncertainty and Indian moves to control paper currency were also driving people to buy Bitcoins.

If those trends continued, he said to Reuters, many more people may be tempted to buy Bitcoins as they could be seen as a “flight to safety.”

Along with the currency hitting a market cap of $14.0 billion.

Something to take note of from Thursday’s piece:

What’s interesting is that other commodities that often surge in correlation with the Bitcoin price, like gold and other hedges against volatile markets, haven’t seen much of an uptake of late. Gold, for instance, has seen a steep decline since the election of Donald Trump as U.S. president, with the markets seemingly pointing toward a resurgent U.S. dollar. For now, it looks like the risk asset of choice for the market is Bitcoin. (Source: “Bitcoin is surging,” Business Insider, December 22, 2016.)
The Bitcoin price has had an otherwise banging year, with unexpected political upsets fueling its rise. From Brexit to Trump, the world was hardly fit for a predictable, business-as-usual mold during 2016, and the cryptocurrency was a strong beneficiary of all this unpredictability.
Of course, the last time the Bitcoin price rose above $800.00, the BTC price saw itself fall fairly steadily for the next few years, hitting a nadir in the low $200s.

We’ll have to see whether the Bitcoin price will experience similar success in the coming year.