Bitcoin Price Keeps Rising, Now Exceeds $1,000
Cryptocurrency bitcoin is off to a hot start in 2017. On its first day of trading in 2017, it broke $1,000, which is the first time in three years it has been so valuable. As of this writing, the price is listed at $1,062.02, which is the highest it has been since it reached $1,216.70 in 2013.
Bitcoin’s value soared over 100% in 2016 and has been on the rise since it reached a low of $220 in August 2015. Over the last month, the value has increased 30%, and it has seen a 50% increase over the past three months.
Many bitcoin traders are optimistic due to these recent price increases, and are anticipating a value of $1,400 to $3,000 by the end of 2017.
Ryan Rabagli, head trader at Octagon Strategy, told CoinDesk, “We believe [bitcoin’s use] as a legitimate alternative investment is going to be a major theme of 2017… Things are looking up, and the market has and will continue to reflect that. We’re expecting to see prices north of $1,400 by year end.”
Globally, more countries are adopting the technology, which could explain its price increase. Switzerland has become particularly bitcoin-friendly. Its railway ticketing system has adopted bitcoin ATM functionality, and the Switzerland office of Ernst & Young has added a publicly accessible bitcoin ATM.
In the United States, companies such as KeepKey are developing more secure storage products for cryptocurrency, which is helping the technology gain momentum.