Bitcoin price jumps by $1000 in 30 minutes, market follows

A sudden surge in Bitcoin price today saw the cryptocurrency market jump back up into life.

The leading digital currency rose from below $7,000 to briefly reach above $8,000.

Bitcoin has held on to most of today’s earlier gains and is currently trading around $7,700, at time of press.

The unprecedented surge that follows several months of steady decline was so dramatic, that as one analyst points out, the price was “literally off the charts.”

It remains unclear as to what has caused the value to increase by such a significant amount.

Some analysts speculate that breaching the $7,000 price point is triggering a surge in bitcoin investment.

Ed Cooper, head of mobile at fintech startup Revolut, says it could be due to a change in sentiment:

“Today’s rise doesn’t appear to be driven by any significant news stories.

“Most likely there was a change in sentiment today and traders started to buy thus raising the price.”

The price surge happened around 9 am EST, which is around the time Gemini launched their high-volume trading platform.

Whether the Winklevoss Twins’ exchange was responsible for the market surge could be purely speculative, however.

Is Bitcoin back in the saddle?

 

The price gains represent a 12% rise in 24 hours and a 14 percent increase over the previous seven days.

In the last year, the price of Bitcoin has skyrocketed by over 500 percent in value.

In recent weeks, Bitcoin has been experiencing a severe price correction.

Last December, one bitcoin reached record-breaking highs of almost $20,000.

The rest of the cryptocurrency market has been following Bitcoin’s return to form today.

Ethereum, Ripple, EOS, Cardano, Stellar, and IOTA are also boasting at least 10% gains in the last 24 hours.

Market analysts have been suggesting that Bitcoin’s recent tumble was merely temporary.

Many are also predicting new record highs for the world’s most valuable cryptocurrencies.

Leading cryptocurrency expert, and the former COO of Skype, Michael Jackson, says Bitcoin is on the verge of a “dream” recovery:

“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.

“Meanwhile, regulators seem open-minded and are now working to eliminate the risks for consumers.

“So I see no reason why Bitcoin shouldn’t fulfil its dream.

“And if it does then recent price falls will appear trivial.”