Bitcoin jumped above the psychological threshold of $1,000 on several large exchanges today Sunday, 1 January. It had already broken all-time highs in several currencies as global bitcoin exchanges reported record-setting monthly volume.
Price of the cryptocurrency has increased more than 120% since the start of 2016 alone.
Bitcoin’s exchange rate versus the US dollar crossed the $1,000 mark first on the online exchange Bitfinex on Sunday evening GMT. Shortly, that line was crossed also at Bitstamp, after the exchange rate had reached 1005 USD per bitcoin at Bitfinex and 1000+USD per bitcoin at Kraken and Coinbase among other sites.
Its new highs also meant a new market capitalization record above 16 billion USD and an 87.8% dominance compared to all other coins, on Coinmarketcap. The last time Bitcoin hit $1,000/USD was in November 2013, amid wholly different circumstances.
Bitcoin did surpass the $1,000/USD mark in Chinese yuan terms as Chinese volume hit record highs already back in December, but did not cross that mark on large “western” exchanges like Bitfinex, Bitstamp and Kraken until Sunday. Analysts theorize that Chinese capital has moved into bitcoin to get around capital controls and a devaluing yuan.
The cryptocurrency also broke all-time record highs in euros around the Christmas holidays, as well as the all-time high in Brazilian reals, according to data provided by Mercado Bitcoin.
Online forums and chat services like Twitter and Reddit were ablaze with celebratory comments and exclamations marks around the new highs.
Amid the December excitement, Barry Silbert, founder/CEO of Digital Currency Group, tweeted that “it’s happening,” assumedly referring to global adoption.
In the Middle East, Bitoasis tweeted that December had already broken the exchange’s monthly volume records. “December has been our best month yet since launch,” tweeted Ola Doudin from BitOasis, a cryptocurrency exchange based in Dubai. “We broke new daily volume records…”
In Mexico, Mexico exchange Bitso reported new records as Bitcoin soared passed 20,000 pesos. “Another monthly record for @Bitso! More transaction volume this December than 2014 & 2015 combined,” tweeted Pablo Gonzalez, Bitso CEO.
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