There are quite a few cryptocurrencies or virtual currencies but it goes without saying that Bitcoin is the most popular and most widely used virtual currency. If you’ve been following it for several years you will be aware that Bitcoin has seen considerable price swings which can often be unpredictable. The Bitcoin price has been steadily on the rise over the past few weeks and it has now crossed $1,000 after three years.
It has been over three years since one Bitcoin last cost $1,000. These heights were previously seen for the cryptocurrency back in December 2013. Bitcoin has seen a monumental growth in value this year as it started off 2016 at around $450 a pop, thus registering a growth of 125 percent year-over-year.
Bitcoin followers are now looking at the possibility of the cryptocurrency smashing through its all-time high of $1,216.7. It may not be quite there yet but it’s not at its highest market cap price at $16,399,607,673. Reuters reports that the total worth of Bitcoin puts the cryptocurrency’s value “at around the same as that of an average FTSE 100 company.”
Bitcoin analysts expect 2017 to be a good year for the virtual currency with some predicting that the price will hover between $1,400 and $3,000. It goes without saying that these predictions should be taken with a heavy dose of salt. Bitcoin price fluctuations can be unpredictable and drastic, trading it is certainly not for the faint of heart.
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