The total USD value of Bitcoin supply in circulation as calculated by the daily average market price across major exchanges has just crossed a new all-time high $15 bln record today December 27, 2016, as its unit price continues to climb closer to the $1000 mark.
According to CoinMarketCap, $129.7 mln worth of Bitcoin has been transacted in the last 24 hours. This amount is a little lower than those recorded during recent price changing events. On Christmas Eve, for example, about $224 mln was transacted in a day yet the price of Bitcoin was $920.
Hence, it beholds that the transaction volume is still likely to increase in another 24 hours as the price of Bitcoin is on its upward trend - at $938 as at the time of this writing and increasing at a rate of 3.7%.
This pace brings back to memory the claim by CEO of CivicKey Vinny Lingham that the price of Bitcoin could reach $1000 before this year ends. Though several market observers still maintain a wait and see approach to the unfolding price situation, the wait does not seem too far ahead. Now, at almost $950 and still with five more days to go, reaching that benchmark does not seem far farfetched.
Chinese “not responsible”
Lingham has come out to say the Chinese may not have been responsible for the surge in Bitcoin price but the actual result is due to a “hollow supply interval on the supply/demand curve.”
An early Bitcoiner from India, Vivek also known as Vivekomon noted in a chat with Cointelegraph that the new record market cap did not come as a surprise. He says: “No, it's not at all surprising for an early adopter like me. I strongly believe it's bound to grow much much further!! We are just getting started”.
“As for me, it's a great comeback for Bitcoin in terms of actual value and growth in terms of user base and applications being built on top of Bitcoin and Blockchain ecosystem and people around the world have started using Bitcoin for remittances and as an alternative investment or value store. With more people getting connected on to the Internet and more awareness, people are exploring more opportunities in the international markets.”