The total worthiness of BitCoins in circulation has exceeded $14 billion, thus achieving an all-time record high. Worth recalling, the price per unit of the digital currency grew by over 100 percent in 2016. The overall strengthening resulted in one BitCoin’s price surpassing the previous highest figure from three years ago by 5 percent. According to BitStamp (a BTC exchange providing services to customers across Europe), at $875, BitCoin is currently in its strongest position since early 2014.
As of early 2016, the crypto-currency was priced much lower, at about $440. The expert analyst community tends to associate the surge in BitCoin’s value with the plummeting of the Chinese currency. 2016 was a difficult year for the yuan, resulting in a 7-percent depreciation.
The available statistic data on BitCoin trading demonstrates that China is where the majority of transactions involving the crypto-currency are done. Therefore, any fluctuation in the demand for BitCoins on the part of Chinese traders results in a noticeable change in the crypto-currency’s price. In addition, experts believe a strong impact on BitCoin has been produced by the demonetization carried out in India. It was further strengthened by the uncertainty characteristic of the global political arena of late.
Worth noting, BitCoin hasn’t yet surpassed the record price per unit observed in Q4 2013, when BitStamp traded it at $1,163. However, the amount of BitCoins available in the system is growing non-stop. Every 60 minutes, 75 new units of the crypto-currency are added. As a result, BitCoin’s aggregate value capped at over $14 billion, exceeding the previous peak value recorded three years ago, in 2013. Thus, nowadays the total worthiness of BitCoin assets in circulation across the world is comparable to that of a large company from the London Stock Exchange top 100 index.