As 2017 kicked off, and with the bulk of other global markets closed, Bitcoin took the stage, hitting a fresh milestone atop $1,000.
A single Bitcoin
US:BTCUSD
was trading at $1,013 early Monday, according to pricing data from Coin Market Cap. Other big exchanges such as Bitfinex, Kraken and Coinbsae showed the cryptocurrency topped $1,000 late Sunday, according to a report from Bitcoin.com.
The fresh high for Bitcoin, now trading at levels not seen since November 2013, has also pushed market capitalization records above $16 billion. The digital currency rose more than 100% in 2016, and some expect the price could reach as much as $3,000 in 2017.
The cryptocurrency looked set to reach $1,000 in the waning days of 2016, after taking out a key level above $800 in early December. MarketWatch’s Joseph Adinolfi has noted that analysts have attributed a range of factors to bitcoin’s strength, including increased adoption by professional investors and fears of instability surrounding the world’s biggest economies.
Bitcoin’s price has been climbing since the U.S. election results, which put upward pressure on the U.S. dollar. Among those who have been scooping up the cryptocurrency are the Chinese, as they seek protection from depreciation of the Chinese yuan, or the renminbi, which has been sliding in the face of a strong dollar.
Volumes on CrypotCompare show the extent of how much trade is being done via the Chinese currency:
On Monday, some were citing China once again as a factor behind bitcoin’s rise.
Under current laws, Chinese citizens can exchange up to $50,000 worth of yuan a year, but some are worried that expectations for fresh outflows as the new year begins will force officials to make new moves on capital controls. That annual quota will reset on Tuesday, and some say there could be a rush for individuals to use up that limit upon the reopening of banks after the new year holiday.
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