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.
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.