The price of bitcoin (BTC) soared by over $1,000 in what many deemed as a bizarre rise for the popular cryptocurrency.
BTC rose from below $7,000 to momentarily go a touch above $8,000 in unforeseen surge that comes after several months of malaise.
It remains vague as to what spurred the increase in value but experts are speculating that going past the $7,000 mark might have lit a fire from under bitcoin investment.
“Today’s rise doesn’t appear to be driven by any significant news stories,” Ed Cooper, head of mobile at fintech startup Revolut was quoted as saying in a report on The Independent.
“Most likely there was a change in sentiment today and traders started to buy thus raising the price,” Cooper added.
The price gains mark a near-13% increase since this time yesterday and a 14% increase week-on-week. In the last year, BTC has risen by over 500 per cent in value.
As of press time, BTC was exchanging at $7,834.56, according figures from CoinMarketCap.
In the past few weeks, BTC has slowly depreciated sparking fears that the highs seen in late 2017 were the result of a bubble. At its highest mark last December, a bitcoin was worth almost $20,000.
Other leading cryptocurrencies have also run parallel to bitcoin’s return to form, with ethereum, ripple, and bitcoin cash all gaining at least 10% over the last 24 hours.
Cryptocurrency analysts recently proposed that bitcoin’s most recent failures was only provisional, forecasting a turn in fortunes for the world’s most valuable cryptocurrency.
One expert said the price of bitcoin could return to its 2017 highs and even push beyond.
“The price has been driven by speculators and they suddenly got cold feet but there’s considerable effort going on behind the scenes, including new underlying technology that is powering faster transactions,” said Michael Jackson, the former COO of Skype who now works in the cryptocurrency space.
“Meanwhile, regulators seem open-minded and are now working to eliminate the risks for consumers. So I see no reason why bitcoin shouldn’t fulfill its dream. And if it does then recent price falls will appear trivial.”
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