The bitcoin's price growth has left everyone stunned and awestruck. People are wondering what might be the reasons behind this growth. Let's have a look! VISIT:- https://www.digitalcoinsexchange.com/blogs/bitcoin-price-goes-out-of-bounds-is-it-china-again/

1. As we see, the bitcoin price is continuously rising over the past few weeks without
showing any signs of debasement. We never got to see such drastic inclinations in price
for almost two years. It has overthrown all the previous predictions and proved everyone
wrong. The price was expected to rise but no one ever imagined that it would rise to
such an extent. On June 13, 2016, the BTC price finally touched the $700 mark with a
percentage rise of around 24%. The uprise is no doubt massive and unforeseen. And it
has rubbished all the previous arguments and earlier prognosis that said the price could
only reach around $650­680.
The bitcoin’s price growth has left everyone stunned and awestruck. People are
wondering what might be the reasons behind this growth. And different people have
different theories and explanations pertaining to the same. One such theory revolves
around the next ​halving ​of bitcoin mining blocks which is going to take place next month
around July 10 when the bitcoin mining blocks will be reduced to half. The halving of
mining blocks is going to affect the current supply of bitcoins. And that is one of the
reasons for its continuous upsurge. However, there are some other factors as well that
drove its price to such a level.

2. Depreciating Chinese Currency
Many people are concerned that the depreciating Chinese currency, Yuan is the
impetus behind this abrupt price growth. Heavy capital restrictions imposed on the
currency by the government of China urged the Chinese citizens to invest their money
in gold and bitcoins, thereby driving its price further and further.
As per the reports of Coindesk, the people in China are buying more and more bitcoins
in exchange of the Chinese Yuan. Consequently, the demand of bitcoin is rising in
China. Furthermore, the devaluation of Yuan also added fuel to the fire. The Chinese
currency is continuously falling against the US dollar. This is yet another reason why
Chinese are taking interest in bitcoin, thereby driving its price further.
Also read ​Bitcoin’s Price Breaks The Barriers, Crosses $500 Mark and ​Bitcoin Price
Continues To Roar, Reaches Close To $600​.
Bitcoin’s Market Cap Goes Beyond $10 Billion
Not only the price but the market cap of bitcoin is touching the sky. The current market
cap of bitcoin is looming somewhere around 10.8 billion USD which is even more than
that of the famous social networking giant, Twitter Inc. The current market cap of Twitter
is $9.8 billion and bitcoin is ahead of the latter by almost $1 billion. But at some point in
time, the bitcoin’s market cap was nowhere around the twitter’s. As dubious as it
sounds, the bitcoin’s market cap used to be somewhere around 6 billion dollars just a
few months ago. And the market cap of bitcoin has almost doubled versus the last six
months.
Also read ​Bitcoin’s Market Cap Goes Beyond $9 Billion​.

3. Ether Price Is Also Rising
Ether, which is at present considered as the toughest competitor to the bitcoin is also
enjoying this period. The price of the former has reached an all time high of 18.7 USD
with a percentage rise of more than 6% versus the previous three days. The following
graph shows the price movements of Ether over the last one week.
The graph explicitly shows that the ETH price started rising further from June 12 and
within the next three days, it reached an all time high of $18.7. The price was opened at
$13.9 as of June 12 and by the end of the day, it was closed at $15.7. According to the
experts, the price is expected to rise even further in the coming days and it might be
somewhere around 30­40 USD by the end of this month.