The Bitcoin hits the $1000 milestone on the very first day of the year itself breaking all the records of its past three years performance. The value had been more than doubled by the year's close.
The cryptocurrency has experienced a steady growth right after the U.S. election results, putting a strain on the U.S. dollar.
The Chinese hold the major volume (98%) of the cryptocurrency to protect their currency from hazards of depreciation. They consider Bitcoin to be a better alternative for trading.
Following is the chart from Cryptocompare displaying the same-
The virtual currency has never been stable. In late 2013 the value jumped from mere $200 to an all-time high of $1,163 and collapsed back to less than $400 in the wake of an attack on Mt Gox bitcoin exchange based in Tokyo. The overall value has increased by a whopping 9000% since its release in 2009.
The virtual currency has a prime focus on anonymity which lets its users move their money across the globe quickly and anonymously which makes it a popular choice among drug dealers, fraudsters, and dark web traders.
It is expected to go down to $700 in coming weeks then rise three times by the end of this year making it a popular choice for investment. You can also start investing in Bitcoins right now but make sure to have a basic knowledge of how it works and how is its value determined.
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