Bitcoin had an abrupt price jump to $30,000 and remains at its highest point since June. This was a result of the cryptocurrency market’s attempts to continue recovering from the bear market.
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The great news for Bitcoin is that its value has been on the rise in the past week according to coinmarketcap with an increase of around 20% in just seven days. Cryptocurrency valuation has dropped quite a bit over the past few months and this event was an indication that the market is finally recovering from the bear while also indicating Bitcoin’s long-term potential.
Bitcoin’s value has increased by more than $2,000 in less than 24 hours. This is the highest value it has attained since June.
The price of bitcoin has been increasing since the start of 2018 – from about $14,000 to about $15,000. The rise was caused by some factors including an increase in trading volumes worldwide and improvements in the Bitcoin code. There was also a significant drop in bitcoin trading fees on December 20th which served as a catalyst for a surge in its prices.