Serj Panchuk
Bitcoin is reported to have set a new record by seeing its exchange rate go above $1700. This is a 45% gain over the last 4 weeks. Given the increasing interest in the crypto-currency shown all around the world, international experts predict that by the end of 2017, BTC may reach even $4000.
At this point, the new record-high exchange rate is $1760 per 1BTC. It’s also reported that by now, the total amount of money invested in the crypto-currency worldwide has reached 28 billion dollars. It’s interesting to note that over the last 24 hours, this amount has increased by as much as 1 billion dollars!
It’s also interesting to note that 12 months ago, the BTC market cap used to be slightly over 7 billion dollars. Experts believe that the exchange rate skyrocketed mainly due to the fact that investors had doubled their long positions from 7600 in early April all the way up to 15300 today, with the total amount of trades staying roughly the same around 17000.
Analysts has named a number of reasons why this is happening. One of them has to do with the decision made by the Japanese government in April. The thing is that Bitcoin is now an official payment means in Japan. This event alone made the crypto-currency exchange rate gain $100. Another thing that keeps on making people trust crypto-currencies is the fact more and more governments around the globe are starting to make use of the so-called “block chain” system the crypto-currency is based on.
Another reason why crypto-currencies are getting popular is the fact that Litecoin, which is another crypto-currency, got some code changes in late April 2017. Those changes made it possible to make much faster transactions. Experts hope that similar changes will be made to other crypto-currencies including Bitcoin.
Serj Panchuk
