Why is Bitcoin surging?
Once upon a time the price of Bitcoin soared to ridiculous heights and made a lot of people extremely wealthy.
But after the boom came the inevitable bust, with the world’s top cryptocurrency plunging from a high of almost $20,000 to a dismal low of little more than $3,000 over the course of 2018. Now the value of Bitcoin is soaring once again and the price of Ethereum, Ripple, Litecoin, Stellar, Bitcoin Cash and all other major cryptocurrencies are heading skyward too.The value of Bitcoin charted over the past week The news has sparked huge excitement among crypto investors, who are hoping the dramatic price rise heralds the return of optimism in a market that’s looked decidedly glum for more than a year.
‘While sudden and explosive swings are nothing new in the world of cryptocurrency, Bitcoin has certainly struggled for direction in recent months as investors evaluated the possibility of its adoption by the mainstream.
‘If there was a catalyst for the move then it’s a well-kept secret right now which suggests there may be something more technical at play.’
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