The Bitcoin rally continues as the BTC/USD exchange rate now stands at over $777 per cryptocurrency token. Overall the total market capitalization of the entire bitcoin blockchain is valued at over $12.5 billion thanks to this rise.
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Beyond showcasing the steady growth experienced this year, this milestone figure is important because it represent a major long term recovery for Bitcoin. The last time the price was at these levels was February 2014 – almost three years ago.
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A multitude of factors is considered to have contributed to the recent price improvement. Charles Hayter, the CEO of CryptoCompare.com, explains: “Bitcoin is rallying on a mixture of global and political woes – from Trump throwing curve balls with his foreign policy – China’s continued Yuan devaluation – India’s and Spain’s moves against cash.
Coupled with all that, you are also seeing bitcoin gaining grudging acceptance from its naysayers and a light at the end of the tunnel for increasing its transaction throughput with segwit and a hard fork next year.”
Hayter adds: “The fed rate hike is another key factor to play against the yuan – but China’s gold import restrictions, trade worries and military flexing are just some of the signs of the shifting sands on the global geopolitical stage – with Trump’s Taiwanese telephone call just the first salvo.”