Bitcoin SOARS 50% in incredible cryptocurrency rebound that sees prices topping $9,000
|Date | 13-02-2018 - 02:41 PM||Article Type | Stock Markets||Region | World|
By JOSEPH CAREY
BITCOIN soared 50 per cent in an incredible rebound that saw prices topping $9,000 (£6497.55) over the past week as relieved investors enjoyed the upturn after a period of free falling values, it has emerged.
On February 7 the cryptocurrency was worth $5,947.40 (£4,293.73) but soon reached $9,058.80 (£6,540) on February 10, marking a rise of more than 50 per cent, according to leading market tracker Coindesk.
However, Bitcoin soon displayed its volatility again by plunging to $7,922.86 (£5,791.91) the next day.
Since then, the cryptocurrency has risen again to $8,602.08 (£6210.27) in what could be a recovery from January’s falling prices.
Economist Robert Shiller declared that Bitcoin “has no value at all unless there is some common consensus that it has a value”.
Bitcoin saw an unprecedented spike in value that saw the cryptocurrency rise from an $800 (£577.56) worth to nearly $20,000 (£14,439) before its plunge this year.
Bitcoin prices soared in 2017 and saw the prized currency hit an all-time high of $19,535.70 (£14,103.80) on December 17.
This week the currency has risen 22.11 per cent according to crypto value tracker Coinbase.
Bitcoin has grown by $1,561.92 (£1,127.63) in the last seven days, a figure that will surely help ease the fears of investors.
Meanwhile, Ripple saw a surge in value to $3.84 (£2.77) in January before falling sharply to just $0.60 (43p) last week.
The fledgling virtual currency is now back up to $1.06 (77p), according to Coinmarketcap.
Reports have claimed that the recent recovery of virtual currencies could be down to investors gaining renewed confidence after feared regulations did not squeeze them as hard as they thought.
Billionaire investor Warren Buffett declared that he does not understand cryptocurrencies but that he could say with “certainty that they will come to a bad ending.”
Meanwhile, Bitcoin Cash has seen a 37.78 per cent rise in the last week, taking the value of the currency up to $1,222.26 (£882.41).
Investor and crypto expert Ryan Derks recently claimed that Bitcoin could reach as high as $100,000 (£72,195) if current market trends continue.
He told Express.co.uk: “I believe they say that roughly five per cent 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.”