Bitcoin On The Rise: Crosses Major Threshold on First of the Year

Everybody wants to start the new year off on a high: start at the top and ride the momentum higher and higher.

While this seems like unattainable in many ways, Bitcoin may, in fact, be on its way. On January 1 of 2017 the alternative digital currency crossed the $1,000 mark on many international exchanges, including: Bitfinex, Bitstamp, and Poloniex.

Experts at CoinMarketCap report that Bitcoin’s market cap has also crossed the $16 Billion mark. Of course, anyone tracking this security would know that the market grap had already grown more than $5 billion between just November and December of last year. And this is notable because the digital currency took five years to achieve that kind of growth, initially.

Of course, this is a sign of the times; and now those who are most excited about the opportunities Bitcoin could create are looking forward to more growth. Obviously, more and more people are getting hip to the benefits of Bitcoin, so it is soon expected to reach even more all-time highs and break the 2013 market record of $1,132, which is actually very close to the gold price per ounce that currently reads more than $1,153. And this means that even smaller denominations of Bitcoin are now growing in interest too.

BTC China is one of the largest bitcoin exchanges n the world. BTC chief executive Bobby Lee comments, “We are seeing the aftermath of zero interest rates run amok. So bitcoin is a healthy reminder that we don’t have to hold on to dollars or renminbi, which is subject to capital controls and loss of purchasing power. Rather it’s a new asset class.”

Overall, however, bitcoin experts are saying that the market is growing volumetrically. Experts are saying, then that those who are currently participating in the exchanges are involved with creating a “network effect” that will see continue to push the price up as the days pass.

Lee goes on to compare Bitcoin’s growth to another gig economy phenomenon: “The value of Uber in any city is directly dependent on the number of drivers and number of users,” he explains. β€œIt’s not linear it’s exponential. The same is true of the value of bitcoin.”

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