Bitcoin is Just $100 Away From Doubling its Price in 2017

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Bitcoin is Just $100 Away From Doubling its Price in 2017

The value of bitcoin has hit a brand new excessive on the CoinDesk Bitcoin Price Index (BPI), reaching an $1,902 common throughout international exchanges.

While one in a string of latest all-time highs the digital currency has thus far set in 2017, this one is maybe notable because it means the value is now inside hanging distance of $2,000, a determine that will successfully discover the asset doubling in worth in 2017.

Bitcoin traded for simply over $1,000 on 1st January, however has edged up sharply amid growing media publicity for its know-how and people in the broader blockchain tech sector. Indeed, on not less than two exchanges – Poloniex and Bitfinex – the value was even hovering simply over $1,960.

Year-over-year, the value of bitcoin is up 300%, having risen to $1,900, up from $453 on 18th May, 2016. At press time, bitcoin’s market capitalization (the worth of all bitcoins in existence) was $31bn.

Still, the transfer comes amid a broader enhance in the cryptocurrency market, which broke the $60bn barrier at the moment.

The enhance has taken place amid robust surges from Ripple’s XRP, which seeks to decrease prices in enterprise cross-border funds, and ethereum’s ether token, a cryptographic asset that powers its decentralized app community.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an possession stake in Ripple.

Big and little screws image through Shutterstock

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