Bitcoin eyes $12,000 for the first time since January

The value of Bitcoin has slowly started to approach $12,000 as crypto markets recover.

The $12,000 mark will be a welcome sign of recovery as it will be the first time it’s hit that number since January 28th.

Bitcoin has led the way today as most cryptocurrencies have surged in price.

Confidence has been restored to the market following regulation and safety concerns leading to steadily rising values.

At the time of press, Bitcoin’s value is now up to $11,700, according to data from Coinmarketcap.

The current price is an almost 5% rise over yesterday and pushed the Bitcoin market capitalization close to $200 billion.

Cryptocurrency market recovers

As Bitcoin reaches the highest it has been in February, other top cryptos also saw healthy gains.

The number 2 and 3 cryptocurrencies, Ethereum and Ripple, also rose, trading 1-2 percent higher than yesterday.

Of Coinmarketcap’s top 100 list, more than 80 percent of cryptocurrencies showed gains on Tuesday.

In a statement about the recovering values, Swissquote Bank SA analyst Peter A. Rosenstreich said:

“The digital currency has had exponential growth but also presented important downturns.

“There is a decent likelihood that the currency could stabilize between $7,000 -$12,000 in 2018.”

The value of Bitcoin fell dramatically from $20,000 in December to a low of below $6,000 on February 4.

The value of Bitcoin fell dramatically from $20,000 in December to a low of below $6,000 on February 4.

Crypto market boosted

The cryptocurrency received a boost this week after an anonymous investor bought $344 million worth of bitcoin between February 9 and February 12.

This elusive investment triggered a buying spree by crypto enthusiasts.

Despite talk of tightening measures against Bitcoin from India and Canada, fears of more stringent regulations have subsided.

Reports from South Korea that the government would crack down on cryptocurrency had a negative impact on values.

As those reports have eased, confidence has returned to the market.

Some experts are now predicting that Bitcoin will reach highs of $50,000 this year.