Bitconnect Coin (BCC), the best performing cryptocurrency in the history of altcoins has reached a new milestone as its price touched an all-time high of $122. The cryptocurrency, influenced by the strong rally of Bitcoin throughout the week has gained upward momentum, surpassing the previous threshold of $100.
As reported by various cryptocurrency market data providers, including CoinMarketCap, the trading volume of BCC last week peaked at nearly $10 million, reaching a market cap of $769 million and a price of $122.
Over the past two weeks, the price of bitcoin continued to reach new highs primarily due to the imminence of the activation of Bitcoin Core development team’s scaling solution — Segregated Witness (SegWit). Bitcoin price was further influenced by the increasing adoption from institutional investors and rising tension between the US and North Korea, as investors sought for safe haven assets to protect their wealth from economic uncertainty.
Naturally, as the value of bitcoin increased, BCC followed its upward trend. A rising number of bitcoin traders and users started to demonstrate growing demand towards BCC.
In the upcoming weeks, as adoption from institutional investors continues and large-scale financial institutions including the Chicago Board Options Exchange (CBOE) pursue their plans of integrating bitcoin, the value of BTC and BCC will likely rise at a consistent rate.
CBOE, the largest US options exchange with an annual trading volume of 1.27 billion contracts, is set to integrate bitcoin within 2017. CBOE CEO Ed Tilley wrote:
“We very much look forward to responding to the growing interest in cryptocurrencies through the creation of bitcoin futures traded on a regulated derivatives exchange, with the many expected benefits that this brings, including transparency, price discovery, deep liquidity and centralized clearing.”
As liquidity for bitcoin trading and opportunities for major investors rise within the Bitcoin sector, leading cryptocurrencies like BCC that offer services related to the main Bitcoin blockchain will likely see mid-term success.
Already, BCC has evolved into the 11th largest cryptocurrency in the market, surpassing Monero, EOS, Zcash and Waves in market cap. For years, Monero had remained within the top 10 largest cryptocurrencies list, and this week, as BCC recorded a historic rise in value, Bitconnect overtook some of the largest cryptocurrencies in existence.
In addition to the rapidly growing value of BCC, it is important to acknowledge the depth of the BCC market. Bitconnect has a substantially high daily trading volume of $9.2 million, which is significantly higher than that of Waves, Lisk, Augur and Golem, prominent cryptocurrencies that have been around for a long period of time.
About BitConnect Coin
BitConnect Coin is an open source, peer-to-peer, community driven decentralized cryptocurrency that allows people to store and invest their wealth in a non-government controlled currency and even earn a substantial interest on the investment.