Bitcoin price rises to nearly $1,300, three positive factors drive Bitcoin market to continue to rise

Golden Finance News - Currently, the price of Bitcoin on foreign Bitcoin exchanges has steadily risen to around $1,300, and is currently more than the price of one ounce of gold. From the data, it can be seen that in the first quarter of 2017, the market resilience of Bitcoin was stronger than ever before.

Bitcoin prices outperformed many national fiat currencies in the first quarter of 2017 and exceeded the current price of gold per ounce.

(The current price of Bitcoin exceeds the price of gold per ounce. Image source: Golden Finance)

The first four months of 2017 have been exciting for Bitcoin traders, as the price of each Bitcoin has risen to an incredible $1,300. At press time, the price of each Bitcoin is around $1,290, and the current market capitalization of Bitcoin is $20 billion.

On April 25, Bitcoin surpassed spot gold prices, a move that had already occurred a few weeks earlier. In addition, as a currency, Bitcoin has also outperformed the fiat currencies issued by various governments.

While Bitcoin prices have been rising, they are still relatively small compared to other cryptocurrencies. As for other cryptocurrencies, cryptocurrencies like Ethereum, Dash and Monero have performed better than Bitcoin's 30% first quarter gain.

For example, Dash’s price has increased by more than 800%, while Ethereum’s market valuation has jumped by 600%. However, many of the altcoins that have seen price blowouts still have yet to see real-world usage.

(Bitcoin price on Bitstamp, 10:30 a.m. EST on April 26. Image source: Golden Finance)

Bitcoin demand rises in many countries

Currently, the demand for Bitcoin is still increasing in many countries such as Russia, India, China, Venezuela and Japan. The number of Bitcoins in all these countries has increased exponentially.

(Bitcoin demand surges in various countries. Image source: Golden Finance)

India and China plan to legalize and regulate Bitcoin. Meanwhile, on April 1, the Japanese government legalized Bitcoin as a form of payment, and will soon increase the number of stores in Japan that accept Bitcoin payments.

Many Bitcoin supporters hoped that the SEC would approve a credit exchange-traded fund (ETF) this year. However, on March 10, the SEC rejected the Winklevoss brothers' Bitcoin ETF application. But after the ETF rejection, the Bitcoin market did not see a significant drop in Bitcoin prices.

Additionally, the SEC revealed that it will review ETFs again and may change its stance in the future.