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Bitcoin, the world’s favorite cryptocurrency has surged from $640 to $720 in the past one week. The digital currency has been exhibiting some promising trends this year, in spite of facing drastic setbacks following multiple hacking incidents. As Bitcoin price continues to rally upwards, the expectations for the digital currency’s performance in the coming year is at an all-time high.
It is speculated that the Bitcoin price will touch $1000 in 2017. Few factors that may lead to over 40 percent increase in the price are:
Bitcoin is increasing being used as a medium of value exchange than a financial instrument for long-term investments. Even though the cryptocurrency was originally created for the purpose of value exchange, the constant appreciation of Bitcoin has resulted in a deviation from its use case. However, as people increasingly start using Bitcoin for purchases the amount of Bitcoin traded on exchanges will significantly decrease. Low liquidity on exchange order books will lead to increased demand among traders which in turn will lead to an increased value. Also, the implementation of Segwit into Bitcoin Core recently may soon make Lightning Network a reality, which will bear a strong influence on microtransactions.
The gradual increase
Read more ... source: NewsBTC USA
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