Another $1 Bln to Bitcoin Market Cap: Why The Rally?
In yet another 24 hours, the Bitcoin market cap will grow by $1 bln.
Another $1 bln will be added to the market cap of Bitcoin in one day - that is by tomorrow December 24 if the digital currency’s uptake continues at its current pace.
According to CoinMarketCap, the currency, as at the time of this publication, increased by 5.34 percent to push its market cap to $14.6 mln at a rate of $912 per Bitcoin, having recorded around $217 mln worth of transactions within the 24-hour period.
This could mean another record for Bitcoin by tomorrow December 23 as its market cap would have crossed the $15 bln mark.
There must be an explanation for why the price of Bitcoin has risen by more than $100 in three days, that is over 14 percent, to break the $900 mark for the first time since December 2013.
The Chinese yuan devaluation and the Trump factor have been projected to create more impact in months to come. There also seems to be an increase in the adoption of Bitcoin among professional as well as private investors with more people showing a greater reliance on the digital currency as a viable alternative to protect against world’s largest economies that are growing increasingly unstable.
However, below are some other theories that are making the rounds: