Bitcoin’s Price Crosses $4,000
Bitcoin (BTC) has achieved a crucial milestone, crossing the $ 4,000 mark over the weekend. Bitcoin began 2017 at a price of around $ 963 and has risen by more than 300% year-to-date.
The clarity emerging post August 1, 2017 and the rising importance of Bitcoin as a safe haven in the face of geopolitical tensions (such as the threats exchanged by North Korea and the U.S.) are being considered as primary reasons behind this current surge. Bitcoin proved its resilience during the time of heated debate about its block size upgrade. The currency has been hovering above $ 2,600-$ 2,700 levels during the final week before the split and didn’t budge much even when the legendary blockchain split into two—Bitcoin (BTC) and Bitcoin Cash (BCH). (See
Analyzing Bitcoin volume by currency reveals that 47% is being accounted for by the Japanese Yen (JPY), followed by the U.S. Dollar (USD), South Korea Won (KRW) and Chinese Yuan Renminbi (CNY) at around 21%, 15% and 12%, respectively (rounded off to the nearest ten).
