For the first time in over three years, bitcoin has surpassed the $1,000 mark. The cryptocurrency last saw its value at these heights in December 2013. The currency started off 2016 at about $450 per bitcoin, and therefore saw growth of 125% over the year.
Although bitcoin has not reached its record of $1,216.7 yet, it is at its highest market cap price (total worth), which is currently sitting at $16,399,607,673. This puts bitcoin"s value “at around the same as that of an average FTSE 100 company,” according to Reuters.
For those who are currently holding their bitcoins, the news is expected to be the start of a good year, according to various experts. The experts involved with the bitcoin market were bullish about bitcoin’s direction stating that by the year’s end prices could be anywhere between $1,400 and $3,000. Of course, this will probably be dependent on how many setbacks bitcoin faces during the year. Any major hacks of bitcoin services could incur a devastating blow to the price.
The current growth is likely owed to China where bitcoin has seen an increased demand after a 7% annual fall in the value of the yuan in 2016.
Source: Reuters | Image via Bitcoin Gator