First of its kind cyrptocurrency, Bitcoin after reaching above $900 in late December last year, kicks off the new year fantastically by jumping above $1,000, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016.
Bitcoin – that relays on thousands of computers across the world that validate transactions and add new bitcoins to the system – jumped 2.5 percent to $1,024 on the Bitstamp Exchange, its highest since December 2013.
Though the digital currency has been highly volatile, an historical increase in its value in two months in late 2013 took it to above $1,100, before a hack on the Tokyo-based Mt. Gox exchange saw it plunge to under $400 in the following weeks, now it has been more stable in the past two years.
- BEWARE: Malware can convert your phone into a Cryptocurrency Miner
Bitcoin may have been boosted in the past year by increased demand in China. Data shows most the cyrptocurrency trading has been currently done in China.
Though the bitcoin is still some way off the all-time high of $1,163 in late 2013, there are now more bitcoins in circulation now, 12.5 are added to the system every 10 minutes. Its total worth is at a record-high above $16 billion, putting its value at around the same as that of an average FTSE 100 company.