It was below 1k last year beginning. But from the mid year prices started to explode! What's the reason behind these price rise?
The reason behind these price rise is:
1 - Bitcoin is set to revolutionize the way transactions , enabling direct payments between two parties without the need for a third party operator, across borders too.
2 - It doesnt work like dollars or other national currencies where the government can print as much as they want to.
3 - Over time, the prime cost of mining increases due to limited supply and higher difficulty levels
4 - Bitcoin is compared with Gold. Both of them tend to deflate
5 - The demand for bitcoin is increasing. while bitcoin supply is limited. Therefore, in the long term, bitcoin prices are very high
Increasing demand can be seen :
+ The increase in the number of new wallets and Bitcoin addresses being created is consistently growing
+ Some countries , Banks and Amazon will soon accept Bitcoin
Bitcoin price is very good for investors and important near them. They used to buy at low price and sell at high price for profit and this is what an investor wants. Furthermore the price of Bitcoin increase with the increase in demand and that is what happening out there in the market. The daily market processes are going and running on their tracks so automatically the increase in Bitcoin price will happen and is better for investors.