Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.
In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.
Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?
All your statements are wrong.
Concerning India leading the rally, have you seen the volume on their exchange ? is it a tiny bit in a giant ocean. That's also why they reached higher price before us, since they have no volume, it is much easier to move the price when you use market orders; whereas in more liquid exchange, you better be a whale in order to increment a move in price that last overtime. that's also why there was such a high premium between indian and other big exchange. Indeed, think twice, if your point is really true, don't you think that people would have rush to arbitrage that price different and litteraly make "free money", if it wasn't done, it's because they were implicit and explicit cost that were priced in when trading on indian exchange.
