BITCOIN 1,000 STORY

By FXResearch Globally

Bitcoin & Cryptocurrencies Market Latest

Noticeable facts in the world of currencies and digital money were happening in 2017. One of those facts is the arrival of the Bitcoin to $1,000 price at the start of the year. It was not ending there as many cryptocurrencies were demanded at the start of 2017 year. The demand was not holding on for all cryptocurrencies as the relevant volatilities brought many of them down.

The Bitcoin cryptocurrency appeared in 2009 and since then has been gathering attention. With about 8 years since Bitcoin was introduced, it is still a developing phenomenon.

While the general expectation is that the last Bitcoin will be mined sometime in 2140, the history of the Bitcoin so far is relatively new. Bitcoin celebrates 8th year anniversary in January 2017 and during that time the market capitalization of the Bitcoin market went above $10 billion. Overall, the history has been impressive. The Bitcoin introduction and use was not an even matter during those years. Nevertheless, as time went the overall use has increased. In fact, at times of the run to safe-haven assets and drops in stock markets, the demand for the Bitcoin cryptocurrency has increased. At some point, the world’s first Bitcoin cash machine was put in operation. It happened in the city of Vancouver, Canada. Overall, the way the Bitcoin works includes the mining. Mining is a process of new transaction taking place in public ledger of the Bircoin. This link of the new transaction to other transactions together creates a blockchain. The process verifies transactions and is growing day by day.

The achievement of $1,000 mark in January 2017 was reached for the first time since 2013 for this cryptocurrency. The Bitcoin prices go through a lot of volatility. The range of the cryptocurrency in the month of the January 2017 was more than 40%. There were also moments in January of the last year when the Bitcoin lost few billions in market capitalization in less than 1 hour, and during the year 2017 there wre much volatility in that digital currency.

The price is showing the maximum in the trading day.

Eventually the Bitcoin price fell to about $900 area during the end of the month of January of the last year. Nevertheless, it was the month to remember. There were even estimates that the Bitcoin price will reach $10,000 mark in coming years, which indeed occurred and surpassed in that year. After the $1,000 mark was achieved $10,000 milestone seems a far way to go. However, the Bitcoin price was a fraction of current price just few years ago.

With the Bitcoin reaching $1,000 this year many developments were especially interesting between Bitcoin and currencies, Bitcoin and commodities and especially Bitcoin and precious metals, gold in particular.  

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