Bitcoin Value Tops Price of Gold Ounce for First Time
The price of bitcoin rallied to all-time highs on Friday, climbing above the price of one ounce of gold for the first time. The cryptocurrency was trading at $1,294, while a troy ounce of gold stood at $1,234.
Bitcoin’s rally was attributed to high demand in China despite the country’s central bank restricting bitcoin exchange operations. It was the best-performing 'currency' in 2016, more than doubling in value on the year.