Bitcoin Price Jumps Above $1000 For First Time In last 3-Years

[anghelllaw]

What a good start of the New Year for those holding Bitcoins!

Web-based digital currency Bitcoin has passed $1,000 for the first time on the Bitstamp Price Index (BPI) since early November 2013.

Bitcoin broke the barrier on 1 January and now is trading above $1,020 at the time of writing, marking a bright beginning to 2017 for the digital currency.

At the time of writing, 1 Bitcoin = $1029.33.

Bitcoin is a revolutionary virtual currency that has no central authority; instead, it relies on thousands of computers worldwide that validate transactions and add new Bitcoins to the system.

The world’s first and most famous cryptocurrency is developed around Blockchain, which is a complex cryptographic protocol and a global computer's network that oversees and verifies which Bitcoins have been spent by whom.

The identity of the people spending Bitcoins is extremely difficult to trace because of its anonymous nature. Therefore, the currency is very popular among criminals.

The digital currency has historically been highly volatile. Its value reached above $1,100 in two months in late 2013, before the Tokyo-based Mt. Gox exchange hacked. The incident dropped the Bitcoin value to under $400 in few weeks.

Market watchers have suggested that the value of Bitcoin may have been boosted in the past year by increased demand in China on the back of a 7 percent annual drop in the value of the yuan in 2016, which is the Chinese currency's weakest annual performance in over 20 years.

According to Reuters, Data shows most Bitcoin trading is done in China. More than 5 Million Bitcoins were traded within 24 hours since the turn of the year, with nearly 38 Billion yen traded (~$3.2 Billion), , according to Cryptocoin.

Bitcoin's outstanding performance this year has also been driven by a lack of supply of cash in India, where its Prime Minister removed high-denomination banknotes from circulation at the beginning of November 2016.

While Bitcoin remains the most widely used and successful cryptocurrency of all time, some cryptocurrency has also gained popularity in the past year, which includes Ethereum, Ripple, Litecoin, Monero, and Dash.

Source : http://thehackernews.com/2017/01/bitcoin-price.html

[Yakamoto]

I'm surprised that the situation in India is being praised so much for the increase in value this year, I know it was trading pretty highly but I didn't think that it was having that effect on the global markets.

Either way, it's great news considering the circumstances, and so far the year is looking very good. Trading at $1,014 on preev right now.

[Leonard2016]

the best thing about this rise is that it has stayed up strongly. the rise happaned and despite many speculating a drop, the price is still above $1000 and there is a very string buy support keeping it up which is the most important part of it.

[Rooster101]

It started the year with a bang as the bitcoin climb to another level. Hope this bullish trend continues until it reach another high like $1500 or $2000. Some drops might happen but as long as there is strong support for the bitcoin, the bullrun will still there.

[justdimin]

It started the year with a bang as the bitcoin climb to another level. Hope this bullish trend continues until it reach another high like $1500 or $2000. Some drops might happen but as long as there is strong support for the bitcoin, the bullrun will still there.

I am also expecting the persistence of bull running. The next psychological level must be all time high price levels because many investors would have set those levels for their target and may start profit booking but once bitcoin able to withstand those levels then it will surely will land $2000 levels so quickly.

Media is already started to cover bitcoin prices from that we can expect new investors to support this bull running.

[john2231]

I just notice that the price was staying at this level from days ago and until now the price was staying in $1000 above and i think it will stay it for too long or more months before its crash depends if there is a bad news about bitcoin that can push people to panic sell..
For now it is still good to hold bitcoin and maybe the price will be mo increase but if you are satisfied what is the price right now you can sell few of your bitcoin just to make sure your other profit is safe..

[1Referee]

the best thing about this rise is that it has stayed up strongly. the rise happaned and despite many speculating a drop, the price is still above $1000 and there is a very string buy support keeping it up which is the most important part of it.

It's normal that people expect the price to drop after such a decent upwards rally. Especially when you consider that we yet have to experience a solid correction... Other than that - Very strong buy support? I am constantly looking at the levels of buy support at major exchanges, but I don't see anything other than a few sloppy buy walls that will most likely get pulled by bots as soon as the price is dropping in their close direction. Would you mind telling me at what levels you spot this "strong" buy support?

[pitham1]

the best thing about this rise is that it has stayed up strongly. the rise happaned and despite many speculating a drop, the price is still above $1000 and there is a very string buy support keeping it up which is the most important part of it.

I am actually worried that there are no dips. It is natural in every rally to have some profit booking and some pullback in the price.
This is beginning to look like a manipulated market.

[ultrloa]

the best thing about this rise is that it has stayed up strongly. the rise happaned and despite many speculating a drop, the price is still above $1000 and there is a very string buy support keeping it up which is the most important part of it.

I am actually worried that there are no dips. It is natural in every rally to have some profit booking and some pullback in the price.
This is beginning to look like a manipulated market.

I dont think its manipulated since price got his great rally for those past months and if it happens that it is manipulated will surely the big rise that we experince will be happen before, that why i conclude that this rise happening is due to its season or maybe on its mass adoption, and lets celebrate for this one its because we can earn more profits for this current level of price and pray that their no big dip will be followed that can ruin the price increase.