In this CoinDesk 2016 in Review special feature, CoinDesk contributor Charles Bovaird asks experts for their predictions of bitcoin's price movements in the year ahead.While bitcoin prices rose sharply in 2016, climbing to multi-year highs, they will likely push even higher in 2017, according to a panel of experts polled by CoinDesk.Propelled forward by numerous forces including strong market momentum, rising interest rates and an influx of new money, the digital currency’s price could surge to fresh, all-time highs next year, the analysts asserted.Bitcoin prices rose more than 100% in 2016, climbing from roughly $430 at the start of the year to $963.14 at around 19:00 UTC on 28th December, according to CoinDesk USD Bitcoin Price Index (BPI) data.When polled mid-December and asked where they thought bitcoin prices would finish out 2016, analysts pointed to factors such as market dynamics and macroeconomic uncertainty when explaining their year-end forecasts.They cited many of the same variables when weighing in on what they think bitcoin prices will do in 2017.

In addition, they noted an influx of new money, rising interest rates and the way bitcoin has behaved in prior bull markets.To get a broad range of input, CoinDesk sought input from several market participants, whose comments are included below: This article is not intended to provide, and should not be taken as, investment advice.bitcoin hoat dong nhu the naoCrystal ball image via Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.bitcoin o2Interested in offering your expertise or insights to our reporting?biggest bitcoin farmContact us at [email protected]/* bitcoin kurs heute

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We factor "slippage" into our exchange rates, which means that the larger the value of the invoice, the lower the exchange rate.Slippage is usually only noticeable on very large invoices.We set exchange rates for non-USD currencies indirectly using the Open Exchange Rates API.litecoin pool españolIn the future, as Bitcoin markets in non-USD currencies mature, BitPay will use those markets directly.The BitPay exchange rate is available via JSON API.all rates | single rateRates are updated every 1 minute.Get StartedJoin the world's most trusted bitcoin payment platform.Accept BitcoinStart Tourbest litecoin pool for beginnersJoin our Telegram Channel!Get Bitcoin News stories in Telegram × DismissBusinesses Blockchain Secures Your Data Like No Other Technology Ever Did Technology India’s Government May Be Preparing to Legalize and Regulate Bitcoin This Summer Businesses Confused about blockchain?

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Businesses Dubai’s Largest Bank Will See Customer Cheques on a Blockchain This Year Technology Tech Company Offers Solutions to Cash-Only Cannabis Using BitcoinBitcoin price has been soaring recently.For many Bitcoin enthusiasts, it would not be a surprise to see a market capitalization of over 200 billions in the next two years.On April 24th, Erik Voorhees predicted a $300 billion market capitalization on Twitter: “Tokens as an asset class have surpassed $30 billion.I predict over $300 billion within 4 years.” So what factors are contributing to driving Bitcoin price up?Estimates and data are still showing that more than 85 percent of global Bitcoin trading comes from China.Other countries have a much smaller impact.Of course, with so many data coming from every directions, it’s hard to precisely get those numbers.Market analysts, economists and financial experts, like CFA Prableen Bajpaiare, report current fears in China and Asia that the yuan could depreciate as reasons for increased investments in bitcoin.

Other analysts have the same opinion: “Signs indicate Bitcoin’s price has become linked to a number of macroeconomic factors in China,” said Vijay Michalik, research analyst for digital transformation at consultancy Frost & Sullivan.“It highlights growing concerns about yuan currency deflation, as bitcoin’s appeal has grown as an alternative asset class for a population deprived of many investment choices.” “The most likely explanation appears to be linked to market confidence in the Asia region, with low confidence in local currencies providing a major boost to bitcoin demand,” said James Lynn, U.K.managing director at investment company Billon Group, in a 2016 CNBC interview.Another relevant macro indicator is that there is a big devaluation of currencies in other emerging markets such as India and Russia.For example, the Indian Rupee went down 20 percent in 2017 compared to the US dollar (USD).Even if the USD is going up compared to other fiat currencies, people all over the world are looking for alternatives to the USD.

Recently, Bitcoin is one solid contender for alternatives!On the other hand, Ripple, Ethereum and Litecoin have been boosting the altcoin markets.Between March 12 to May 12, Ripple (XRP)’s market cap went from $250M to 7.5B, a phenomenal 3000 percent increase.That’s right: if you had invested $10,000 in XRP two months ago, you would have $300,000 today.Let’s be honest, this is completely insane!We know that Russians were exchanging their depreciating rubles for Bitcoin in 2016.The ruble tumbled and billions of dollars were transacted in the latest months, which is big enough for the Russian Ministry of Finance to come up with statements about money laundering and the possibility to tax and regulate Bitcoin as an asset.Russia may recognize bitcoin and other cryptocurrencies in 2018 as authorities look to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev told Bloomberg in an interview in April 2017.Mr Moiseev added that “The state needs to know who at every moment of time stands on both sides of the financial chain”.

Another important factor is the emergence of blockchain companies using tokens.Bitcoin start-ups, which have attracted huge investments in Bitcoin and blockchain companies with a total funding of $550 million in 2016, are now increasing the bitcoin demand in 2017.In a yuan currency deflation, Bitcoin is accessible and very appealing.Monetary policies and regulations also contribute to demand for Bitcoin in China.In fact, many Chinese companies and rich individuals want to hide their assets from the government.Bitcoin is now less volatile and more stable than previously, so bigger investors are tempted by the cryptocurrency.It has a better historical chart now, so people have more confidence in it.“The biggest driver right now is you’re starting to see institutional investors take a keen interest in the entire sector,” said Brian Kelly, founder of Brian Kelly Capital.BitFlyer is the biggest exchange in Japan, with 70 percent of the market, but the country accounts for a relatively small world market slice of around 2.5 percent: $18,071,700 24h volume today.