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Bitcoin price hits its maximum profitability index

March 1, 2017
2 min

On February 24, 2017, Bitcoin hit a record rate of $1222 at the exchange Bitflinex, marking an absolute maximum since the cryptocurrency has been introduced into the circulation. According to coinmarketcap, the weighted average of Bitcoin value stopped at the rate of $1220.

Record exchange rates

The previous Bitcoin rate record of $1216 was stated at Mt Gox stock exchange in November of 2013. The current tendency of its gradual increase has been observed for the past couple of weeks – the sudden price jump was simultaneously announced by several cryptocurrency exchanges including Bitfinex and Bitstamp.

On February 11, Bitcoin surpassed the mark of $1 000 showing slight fluctuations in growth. Within the next 10 days, the cryptocurrency price went up by $100.

Early in the morning on February 24, the ‘market cap’ of Bitcoin reached $19, 4 billion. In the past 24 hours the world witnessed a couple of record-breaking buying and selling deals, taking place at Bitfinex exchange - $41,2 million, OkCoin - $20,3 million, BitStamp - $18 million.

Right after its skyrocketing rise, the Bitcoin exchange rate went down by 100 points reaching $1110, just in one hour after the official beginning of trading at Bitfines. At that point, the cryptocurrency entered into another period of high volatility.

Peak Returns

Once Bitcoin exchange rate reached $1000, the ARK Investment Management company presented data related to the profitability of the cryptocurrency. Information provided by the company stated that starting from 2012 the return of Bitcoin has surpassed by 800% some of the analogical IT - projects like Google and Facebook. For the 5 years the index of Google IPO accounts for 23%, while Facebook indices show 27,1%, Bitcoin – 212%.

Expert Opinion

Igor Afa, an expert at Just Forex, considers Bitcoin to be the most reliable and reasonable investment in terms of gradual financial and political crisis, circumstances that naturally enhance the credibility of current cryptocurrencies.

The Lamoureus&Co analyst believes the Bitcoin course value may reach the point of $25 000.

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