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For the first time in two years, more specifically since February of 2014, the price of cryptocurrency has surpassed a previous high of $800. The market capitalization is now sitting at $14 billion, and some users believe the uptrend will continue.
The bear market that held back the Bitcoin price for approximately two years (from the start of 2014 to the last months of 2015) capitulated in 2016. The first cryptocurrency to ever exist has overcome many obstacles this year, including political, technical, and financial ones. The market is now facing an ongoing price rally, but it still remains to be seen if the bulls will have enough strength to surpass the $1100 all-time-high.
Bitcoin confirmed its tendency to act as a “safe-haven” currency. The uncertainty, generated after an unusual amount of unprecedented political and social events this year, caused several price surges.
The United States general election resulted in the victory of the “underdog” Donald Trump. The polemic posturing and eccentricities of the politician brought despair among Liberals and Conservatives alike. Trump’s economic agenda may have a great impact on the adoption rate of digital assets, especially Bitcoin.
Trump’s upcoming revision of international trade deals and his examination of profits of foreign companies on American soil might trigger a violent market reaction and an overall change in the US dollar valuation against other currencies.
During a good part of November, the bitcoin price was sitting at $738. Rumors of an upcoming regulation of Bitcoin markets by Chinese authorities kept the price in check at $712. On the other hand, the Bitcoin demand surged in India after a sudden demonetization policy directed by the government (banning the circulation of the highest denomination bill). This event sparked a price rally in local bitcoin markets, and Indian customers had to pay quite the premium to be able to protect their savings.
But India wasn’t the only country that decided to suddenly ban its own currency. Venezuela, the former Socialist paradise, decided to illegalize the circulation of 80% of its own currency. The 100 Bolivar bill (the highest available) was set to be removed from the market in a period of three days by order of President Maduro.
Maduro’s initial objective was to decrease the amount of smuggling and black market deals along the Country’s border with Colombia. However, the recently enacted policy sparked riots and lootings in Ciudad Bolivar, the capital of one of the 24 states of the Country. The situation normalized after three days but resulted in three deaths and one hundred injured.
Another year and Bitcoin is still alive! Will the network solve its scalability issues? Will Segregated Witness finally be adopted by 95% of the Hashrate? In 2017 we will find out!
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