Cryptocurrency: Expert discusses success of Bitcoin
The value of the world’s most popular cryptocurrency – known for its wild price volatility – has experienced a rollercoaster year so far. Bitcoin’s price had skyrocketed to a record high of over $63,300 on April 16 having started the year on $29,300 following a strong finish to 2020. It was sliced in half since those record highs just six weeks ago, plummeting to just $33,600 last weekend.
But the increasingly mainstream cryptocurrency is battling back, and was up by nearly four percent (3.9 percent) in early morning trading on Thursday.
Bitcoin’s price jumped from a low of $37,311.35 at 3.14am to $38,775.04 just over four hours later at 7.29am.
Rival cryptocurrency Ethereum followed suit, surging by 4.8 percent from $2,682.56 to $2,810.99 in the same period.
Last month, Bitcoin suffered a huge hammer blow after the Chinese Government – home to the world’s second-largest economy – banned the use of the cryptocurrency as a form of payment.
Bitcoin’s price has surged by nearly four percent as cryptocurrencies launch a fightback
