In the past few months has been suffering quite a setback as one of the largest cryptocurrencies in the world had its price declining in the whole year of 2018. The final low price of the Bitcoin at its decline was spotted at around $3200. After that, Bitcoin only had a slow as well as a shaky upward climb.
However, earlier this week on Tuesday, Bitcoin price saw a sudden increase of 15 percent in barely 1 hour time. On some exchange sites, the price of 1 Bitcoin even surpassed that of $5000. However, after that, the price again started to go down and now currently holds tight at $4860.
The price of Bitcoin is known throughout the world to be extremely volatile. Still, this surge was a notable one as Bitcoin had not surpassed the price of 4%000 since November of 2018. In addition to this, this sudden surge in price was a lovely memory of the year 2017 when these kinds of price spikes were not considered to be anything special.
As for the reason with this sudden price, surges are hard to determine; as has been the case in the past. Despite suffering from negative price movement, the entire cryptocurrency market has made positive progress throughout the 2018 and 2019. Still, no improvements have been seen or heard that could explain these price surges.
Even the CEO of the Binance, which is one of the largest cryptocurrency exchanges in the world, Changpeng Zhao also seems to be in wonder with this sudden price surge.
In fact, the sudden price increase is so bizarre because of the fact that the recent news revolving around cryptocurrency has been mostly negative. A crypto index fund report claimed that 95% of the trading volume of Bitcoin is fake.
In addition to this news, there was news of the United States Securities and Exchange Commission (SEC) that they had delayed the decision related to the listing of 2 new possible Bitcoin ETF listings in the last week. When that was not enough another news hit the market hard at its release when a crypto exchange company by the name Bithumb was hacked and lost nearly 13 million dollars.
In addition to the price surge of Bitcoin other cryptocurrencies such as Ethereum, Litecoin, EOS, and XPR also saw a considerable rise in their price.
As of now, the net market capitalization of the entire cryptocurrencies across the globe is estimated to stand at 158 billion dollars.