2016 is gone, an incredible year for blockchain sector is gone. We’ve seen how the bearish BTC trend of 2014-2015 has been crushed with two big movements upwards. The first one broke definitely the long term bearish trend, and the second one it’s already pushing BTC to all time high.
An interesting and well-known fact is the Chinese growing influence in hashrate and prices. ALL significant movements in BTC have been created by the Chinese investors. It’s easy to detect that fact: When BTC has been stagnant, “official” BTC/USD rate and BTC/USD rate in biggest Chinese exchanges has been more or less the same. On the other hand, during the BTC rallies, there has been a constant +5%-+6% spread favorable to Chinese exchanges (BTC is bought about +5% more expensive in china than in the rest of the world).
In conclusion, Chinese are the ones who are pushing BTC price up. The rest of the world is simply following the trend.