Bitcoin Skyrockets to $16,900 After a Week of Stagnation

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Finally, after a week of stagnation, bitcoin has finally shown some positive gains in price as it reached a week-record of around $16,900.

A Long-Expected Growth

Within the past 24 hours, the king of all cryptocurrencies bitcoin has demonstrated a long-anticipated increase by 13%. On January 5, around 11 AM UTC bitcoin hit a rate of $16,920 per unit after it had been dragging on for the past week. At the moment of writing, the price of bitcoin stabilized in the space of $16,400, showing some positive trends of recovery since mid-December 2017.

According to the data, presented by CoinMarketCap, for the past seven days bitcoin has been living through a period of slight swings, and today it ultimately has overcome a pitch of $15,000 since December 30, when it crashed to $12,500. On January 5, bitcoin even has beaten the pick of $16,800 which was reached on December 27, for the first time since the devastating 30% crash on December 22 to less than $12,000.

At the moment, the most potent bitcoin’s rivals are Ripple, Tron and, traditionally, Ethereum. Ripple showed an incredible increase from around $2.2 on January 2 to $3.8 on January 4, though it started losing in value, dropping by 15% within the past 24 hours. On its turn, Ethereum has recently overcome the margin of $1,000 and keeps showing the slight increase. Meanwhile, Tron remains the biggest trading pair in the BTC market. On January 4, it leaped by 90%, reaching the price of $0.2 with the total market cap of $14.4 billion.

In general, it seems that the focus has started shifting from altcoins back to bitcoin, which market cap is over $277 billion at the moment, making up 30% of the total crypto market cap.

Asia Embracing Bitcoin

Interestingly, the trading volume of bitcoin in South Korean cryptocurrency exchange market has increased. Bitcoin Cash and Ethereum can’t even dream of such a success. However, since December on such exchanges as Korbit and Bithumb Ether and Ripple have been demonstrating more massive trading volumes. Currently, bitcoin is traded at over $21,000 in South Korean crypto exchanges. That is $5,000 more than on the global average market.

Meanwhile, the local entertainment conglomerate GMM and Beijing-based crypto exchange Huobi might soon open trading platforms for cryptocurrency in Japan. As CCN reports, this may indeed influence the further adoption of bitcoin there.

Charts Source: coinmarketcap.com

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