Why Bitcoin Price Increase In 2017. Bitcoin cracked 1000 on the first day of 2017. Just 22 days later the worlds most popular cryptocurrency has surged another 20000 and its momentum.
The cycle seems to be marked by the influence of halving a characteristic of Bitcoin that reduces its inflationary rate by half every 4 years. Bitcoin prices have risen more than 400 this year creating strong visibility for cryptocurrencies. One year ago as of the time of writing the price of bitcoin traded between 930 and 978 movements that perhaps set the stage for the cryptocurrency.
There are a number of factors that contributed to bitcoins increasing value for the past few weeks.
It took nearly 11 years for bitcoin to reach 20000 per coin for the first time in 2017. Bitcoins 2017 rally which saw the bitcoin price soar from under 1000 per bitcoin at the beginning of the year to around 20000 by December was largely driven by retail investors and so. The chart above says it all. Why did Bitcoin rise in 2017.