Bitcoin was “Declared Dead” in 2015, Bitcoin price is “Back To The Moon” in 2016 making it one of the best performing asset in 2016. After the declining spree in the first half of 2015 and stable course in later half here comes the roller coaster ride for bitcoin in the first half of 2016. Many pundits declared the Bitcoin experiment already a failure. The current price explosion is indeed not a refutation of the theses of the Bitcoin critics, but shows that Bitcoin, The ultimate introduction to cryptocurrency is still very much alive.
The spectacular price increases in recent days by more than 30 percent has reasons. Chinese are on a buying spree and major chinese exchanges reportedly seen many new sign-ups, as well as huge buy orders. “There is a lot of money in China, which has to go somewhere,” You told Jin, chief marketing officer of Huobi, the Wall Street Journal. According to Chinese forums “Investors currently stashing a lot of money in the cryptocurrency to protect their assets from the depreciation of national currency yuan.”
Another possible reason for the price jump in recent days could be halving, halving is an event that will take place in just under six weeks. On July 10, mining algorithm will be changed thus generating 12.5 Bitcoins every ten minutes instead of 25 Bitcoins per block. Anyway for the time being enjoy the classic Bitcoin : Back To The Moon drive.