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Bitcoin was the best performing currency of 2015, but what does it mean?
After a turbulent year that saw markets riled, commodities plunge, and currencies wither against the dollar, many expected the greenback to come out as the top currency in 2015. Instead, the cryptocurrency Bitcoin is being heralded as the best performing currency. Does that mean everyone is poised to get on board with bitcoin? Not yet.
On the face of it, Bitcoin has had meteoric 2015, going from $313 at the start of the year to around $430, a 37% rise. The dollar, meanwhile, was up 8.3%. The Money Project put together this graphic:
At the same it is also worth looking at the below graphic from Coindesk to see how Bitcoin has fluctuated since its inception:
Yes, Bitcoin’s value has soared in 2015 as cryptocurrencies have moved up on the fintech agenda, but when it comes to the big banks and financial institutions, it’s not necessarily just Bitcoin they are interested in.
The rise of blockchain was a major theme in 2015 and will continue to be so in 2016 but Bitcoin is not the only cryptocurrency investors are looking at in this context. As such, even this year, the fate of Bitcoin will continue to be in flux. In the meantime volatility is not going anywhere.
Photo: BTC Keychain