The world’s most popular cryptocurrency is now worth over $2,000 per coin. That’s according to a range of bitcoin exchanges, including Coinbase and Kraken. That valuation puts the total market cap of bitcoin — the total number of coins in circulation — at $32.92 billion.
The result of these increases is that bitcoin no longer constitutes the majority of the market cap for all cryptocurrencies. Today the total market cap of bitcoin represents just 47% of total cryptocurrencies – up until a few months ago it consistently hovered around 80%.
The currency is in unchartered waters at $2,000, but some pundits believe it has the potential to reach $10,000 (or more). To achieve this the community would likely have to sort out the scaling issue, which would give investors confidence that bitcoin’s infrastructure be able to support it as it grows.
By Sunday morning, bitcoin reached $2,103.80, marking a $34.382 billion market capitalization, with more than $1 billion trading in a 24-hour period,
Japan accounted for approximately 55% of the trading, rising beyond the 40% the country’s traders (thank you Japan) Japan also permits retailers to accept bitcoin legally.
The gap between Chinese and U.S. exchanges for bitcoin dropped from 20% to 5% in one week
Bitcoin is being traded in Japan and South Korea, the second and third largest Bitcoin exchange markets in the world, at around $2,350, at an 11 percent premium relative to the global average Bitcoin price
In the next few months, as Bitcoin maintains its momentum and upward trend, it is likely that the Japanese cryptocurrency exchange market will demonstrate some stability and see a decline in interest over alternative cryptocurrencies or altcoins. If so, the demand for Bitcoin will likely increase over time.
BTC increases in value relative to USD because people are willing to give up more fiat currency in exchange for Bitcoin. If you try to explain why they are willing, you are projecting a motive for their subjective value, and you're most likely full of shit. Even if the motive you ascribe is correct, you can't prove it. It's just an unfalsifiable claim in a sea of individual choices. It's all good
There's only one major event in Bitcoin itself that could shape the future, and that's the outcome of the block size debate. All other factors are outside the purview of Bitcoin itself and therefore could shape out. Anyway, you're talking about predicting the simultaneous global effect of huge political shifts
www.coindesk.com/events/consensus-2017/live-stream/
