BitConnect is first introduced on November 2016 and was presented as "A self regulated financial system". What this means is that BitConnect acts as lending network platform primarily for Bitcoin. BitConnect Coin price is based on its its supply and demand features designed during BitConnect coin algorithm along with BitConnect lending platform. The current value of BitConnect Coin (BCC) is coming from many aspects like coin supply and demand, mining and minting algorithm.
Why BitConnect Coin has surged over the last month?
The price of BitConnect, better known to traders as BCC, has surged from around $0.5 to $50 within six months since its initial coin offering (ICO) in November of 2016. Following the momentum of bitcoin, BCC has maintained its upward trend and is projected to continue its growth trend throughout 2017.
Like Bitcoin and other cryptocurrencies such as Ethereum Classic, BCC has a fixed supply of 28 million. Therefore BCC is a deflationary currency and because of the limited monetary supply, the price of BCC is rising because the demand exceeds the current rate of supply increase. Since the supply of BCC remains fixed but the demand is increasing on regular basis, the price of BCC can be expected to rise even more in the coming months and years.
Current market capitalization of the BCC is currently around $300 million which places it as a 22nd most valuable cryptocurrency in the world. Next to this, BitConnect is the most popular lending network on the blockchain network therefore it has the advantage of benefiting from the volume that it acquires from the network.
Future outlook of BitConnect price
According to the Bitconnect team, the Bitconnect community is spreading rapidly throughout various Asian countries and in the long-term. Although currently it is only popular in the asian countries at the moment, the Bitconnect team is making steps to introduce BCC worldwide.
BCC’s rapid increase in price has gathered the interests of many cryptocurrency investors in the crypto traders community over the past few months. So the majority of traders and investors have begun talking about it on the social media and advising others to buy it because they believe that the price will continue to increase.
The rise in Bitcoin price
Another reason why BCC is appreciated over the couple of months is because of the overwhelming demand for Bitcoin reflected also on BitConnect because of the possibility to earn daily interest rate while lending your Bitcoin in the network. As the value of the Bitcoin's rise the lending becomes more profitable over time.
Speculations around Bitcoin price is also a huge benefit for the value of BitConnect as it is usually perceived that Bitcoin will continue its parabolic price increase over the years. At this rate of increase for all cryptocurrencies it would be safe to assume that this is only the beginning for most of the coins like BCC.