Bitcoin crossed the threshold around 11:40pm GMT 21st December, 2016 and is currently trading around $815.
Reports from CBNC state that the rally is difficult to pin down as there are a number of contributing factors that include the global economic and political shifts underway with (President-elect Donald) Trump and the Eurozone with Bitcoin becoming a digital hedge and flight to safety.
Chinese trading is a significant factor behind bitcoin’s above the $800 mark. Trading volumes in China have been “extraordinary”, with 10 million bitcoins traded on days in October and November. This has now subsided to a steady trading of around 3.5 million bitcoins a day.
A further point is the more fundamental and technical underpinning of bitcoin’s evolution with positive moves on scaling – or increasing the number of transactions the network can process the CBNC report stated.
It has been a good year to be a bitcoin investor. Those who bought the cryptocurrency at the start of the year would have seen their investment grow around 87 percent!