Bitcoin price rises by 50 percent in under a week
In an incredible rebound, Bitcoin’s price has risen by 50 percent in less than a week.
Investors have begun to let out sighs of relief as cryptocurrency values have shown strong signs of recovery.
The upturn is price has been a welcome change after recent free falling value across crypto markets.
Bitcoin was worth $5,947.40 on February 7 but soon reached $9,058.80 on February 10, marking a rise of more than 50 percent, according to data from Coindesk.
BTC since dropped slightly to around $8,600 and has remained fairly steady since indicating a recovery from January’s lows.
High and lows
During 2017, Bitcoin saw an unprecedented spike in value that saw it rise from an $800 worth to nearly $20,000 before its price correction this year.
The value of Bitcoin soared in 2017 and saw the prized cryptocurrency hit an all-time high of $19,535.70 on December 17.
This week the currency has risen 22.11 percent according to crypto value tracker Coin Market Cap.
In the last few days, the virtual currency has now climbed back up to $1.06 (77p), according to Coinmarketcap.
Renewed confidence in cryptocurrency
According to reports, the recent recovery of digital currencies could be down to investors gaining renewed confidence in crypto.
Feared regulations did not work out as badly as many had originally anticipated.
Meanwhile, Bitcoin spin-off, Bitcoin Cash, has seen a hefty 38 percent rise in the last week, taking its value up to $1,245 (at time of press).
Investor and cryptocurrency expert Ryan Derks has recently claimed that Bitcoin could soon reach $100,000 if current market trends continue.
Speaking to Express, Derks said:
“I believe they say that roughly five percent of the world’s population or less owns any cryptocurrency and if the trends of Venezuela continue and in Zimbabwe, if those continue it looks as though there is going to be no slowdown.
“I only imagine it’s going to continue pushing prices up because again there’s a limited supply.
“So if people continue to lose faith in their nation’s currency, like for example the US dollar, I don’t have very much faith at all.
“I would much rather have my money in a currency that I know can’t be manipulated and forged.
“So, in my opinion, it’s going to continue, now I think that $100,000 dollars for a Bitcoin are not far-fetched.”