Bitcoin is on the verge of breaking the $1,000 mark, with its market value hitting a new high of over $15 billion. Is China not the main reason?

On December 27, 2016, based on the daily average price of major exchanges, the USD market value of circulating Bitcoin supply hit a new high, exceeding $15 billion, and the unit price of Bitcoin has approached $1,000. As of press time, major exchanges in China have generally exceeded RMB 6,850, equivalent to approximately $990.

According to CoinMarketCap data, in the past 24 hours, the volume of Bitcoin transactions reached $129.7 million. This figure is lower than in previous days. For example, on Christmas Eve, Bitcoin was traded at $920 with a volume of $224 million.

Therefore, as the price of Bitcoin continues to rise towards $1,000, trading volumes are likely to rise over the next 24 hours.

Prior to this, CivicKey CEO Vinny Lingham and F-Secure Chief Research Officer Mikko Hypponen both said that Bitcoin would reach $1,000 before 2017. Although several market observers are still waiting to see the price rise, the $1,000 mark is now just around the corner.

Is China not the main reason for the surge in Bitcoin?

Lingham previously said that China may not be the reason for the surge in Bitcoin prices, and the real reason is due to the " vacuum in the supply gap of Bitcoin's supply curve ."

Vivekomon, an early Bitcoiner from India, said in a conversation with Cointelegraph that the new high in Bitcoin market cap is not unexpected. He said: "No, for an early Bitcoin adopter like me, the new high in Bitcoin market cap is not unexpected. I strongly believe that the Bitcoin market cap will rise further!! This is just the beginning!'

“For me, it’s great to see the return of real value in Bitcoin and the increase in the user base and application of the Bitcoin blockchain ecosystem! People around the world have begun using Bitcoin for remittances or as an alternative investment for a store of value. More and more people are connected to the Internet and have more ideology, and people are exploring more opportunities in the global market.”