Their value doubled in 2016 and keeps climbing. The total value of all bitcoins in circulation around the world is more than $14 billion. The web-based currency increased its value by 5% in a single day, after doubling it in the course of 2016, Reuters says.
The value of a single bitcoin in Europe-based Bitstamp exchange reached $875 – its highest evel since January 2014, when it cost $435.
Many experts connect the virtual currency’s value increase with the devaluation of the Chinese yuan, which lost nearly 7% of its value in 2016.
Reports show that the largest deal of bitcoin trade takes place in China, so each hesitation in demand there reflects on the virtual currency’s price.
The bitcoin still remains at its below-peak values compared to 2013, when it was traded at $1163 at theBitstamp exchange.
As new bitcoins are constantly being added (approx. 12.5 every 10 minutes), their total value surpassed their 2013 market peak of $14.01 billion.