Bitcoin’s price has surged up nearly 11%, past the 600$ mark since last night’s round of trading, coming to rest near the $640 level at the time of writing. The market cap has reached 10 Billion US Dollars coming into the morning. This puts Both price and Market Cap at the highest it’s been in a little over two years. While mo st of the top Cryptos have enjoyed growth over the past few weeks, Bitcoin has taken a more-than-proportional share of new Cryptocurrency buy-ins.
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The approx.150 Yuan rich price, when compared to Bitcoin/USD, indicates that much of this new trading originates in China, as Bitcoin has become increasingly desireable as an asset for capital control circumvention as the nation’s capital outflow problem worsens. It would be naive to chalk up the Yuan being cheapened it’s lowest per dollar in five years as coincidence.
This latest price surge puts Bitcoin Far ahead of Gold, silver, and every other asset that’s seen significant growth since the Chinese capital outflow warnings in Q3 of 2015, as well as traditional currencies, stocks, bonds, and commodities in terms of performance. Ethereum’s price growth, while more modest, is worth mentioning here, as it seems the ‘direct competition’ parallels being drawn so often between the two Cryptocurrencies may be a false equivalence (or simply that the Cryptocurrency market is nowhere near saturation.)
Time will tell if the current trends are the beginnings of a bubble or fast but sustainable growth, as Panic Selling of the Yuan continues, and with the Reward Halving slated to occur in less than a month. It could very well be that the $600 level means Bitcoin has “died” again in the eyes of the mainstream media as little as a year from now, if these growth levels continue.
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