Bitcoin price SURGE: Cryptocurrency value sees MASSIVE 16 per cent rise in just one week

April 15, 2018
39 Views


Last Sunday the digital money was worth just $9,947 (£6,984), however, after a week long boom, the value of Bitcoin has now risen to $8,116 (£5,698).

The steep increase in price could represent the start of the online currency’s price recovery, after previously seeing a month of disappointing price decreases.

On March 23, Bitcoin was worth $8,918 (£6,261) before its worth dropped to a low of $6,620 (£4,648) by April 6.

While the rise in the value of Bitcoin over the past month may signal a return to riches for the online money, Bitcoin has had false starts before.

Cryptocurrencies have been characterised by large fluctuations in price due to a lack of regulation.

Since Bitcoin was first mined in 2009, the virtual money has seen its value rocket and it reached an all time high of more than $17,000 (£12,000) in December 2017.

However, following the turn of the year, the digital currency’s value took a dramatic fall.

It is believed cryptocurrencies saw their initial major drop in value following fears of the introduction of regulation.

South Korea introduced a raft of measures in January aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereum.

Meanwhile, India and Japan also indicated a crackdown on digital currencies.

Cryptocurrency expert Thomas Lee, co-founder and Head of Research at Fundstrat, has predicted that despite Bitcoin’s struggles in 2018 by the end of the year the commodity could be worth as mochas $25,000 (£17,550).

He said: “We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year.”

Mr Lee believes it is now time for a long-term recovery in the price of Bitcoin.

He said: “It’s overdue. Bitcoin was incredibly oversold.

“When you look at metrics like price-to-book, which is ‘money cost,’ or our bitcoin misery index, it’s pretty much what you saw at the end of the 2014 bear market, not the start.”



Source link

You may be interested

Damascus Cover: How to watch the trailer starring Jonathan Rhys Meyers and John Hurt
Movies
shares0 views
Movies
shares0 views

Damascus Cover: How to watch the trailer starring Jonathan Rhys Meyers and John Hurt

admin - Jul 17, 2018

[ad_1] Damascus Cover, based on the 1977 book of the same name by Howard Kaplan, already had its world premiere…

Harley Quinn: Margot Robbie movie Birds of Prey stars which characters?
Movies
shares1 views
Movies
shares1 views

Harley Quinn: Margot Robbie movie Birds of Prey stars which characters?

admin - Jul 17, 2018

[ad_1] Warner Bros has announced another DC-based movie, this time a Harley Quinn girl gang movie called Birds of Prey.Some…

Ivanka Trump: Donald’s daughter is all smiles as retail giant drops her fashion range
Fashion
shares0 views
Fashion
shares0 views

Ivanka Trump: Donald’s daughter is all smiles as retail giant drops her fashion range

admin - Jul 17, 2018

[ad_1] Ivanka Trump visited the GenCyber Summer Camp today in Washington.The daughter of Donald Trump was there on an official…

Leave a Comment