Despite this, the best performing currency last year was not the U.S. dollar but Bitcoin, which rose 35%. Bitcoin caught the public's attention in 2013, with a 5,429% increase that overshadowed all other currencies. In 2014, Bitcoin's value plummeted by 56%, making it the worst performing currency of the year. According to data from the BitCoinWisdom website, in early 2015, the value of Bitcoin hovered around $250, and the price did not rise significantly in the following months. But in September, Bitcoin began to rise. The most dramatic change occurred in early November, when Bitcoin rose 20% during the intraday session on November 4, soaring to a high of $500. It was previously reported that one of the reasons for Bitcoin's good performance in 2015 was the "blockchain" technology behind it, which made major financial companies increasingly interested in Bitcoin and gradually increased its acceptance of it. In addition, China is another driving force behind the surge in Bitcoin. The Chinese stock market once fluctuated violently, and when capital transfers were restricted, investors used Bitcoin to circumvent China's capital controls. Last year, the world's worst performing currencies were those affected by geopolitics and commodities. The Ukrainian crisis saw the country's currency, the hryvnia, fall 33.8%. Affected by the fall in commodities, the Brazilian real fell 30.5%, the Canadian dollar fell 15.9%, the Russian ruble depreciated 20.8%, and the South African rand depreciated 26.7%. |
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