Bitcoin's Price Increases: The Digital Currency is Close to $10,000
The price of bitcoin seems to be on the right growing path once again. The price of the famous cryptocurrency has grown close to $10,000. Of course, it is important to mention that other cryptocurrencies have also experienced a growth.
Bitcoin's price grows by 3%
This is definitely good news for all the investors who decided to purchase cryptocurrencies. This is the maximum amount that the digital currency has had in about two weeks. Some market analysts have claimed that the price of bitcoin will most likely continue to increase in the following period.
Bitcoin suffered a significant drop sometime at the start of the month, so this means it has once again managed to more or less recover quickly. However, it definitely has a lot more ground to gain until going close to its all-time high, which was registered in December, 2017. At that time, the price of bitcoin hit $19,000.
When it comes to the reason why bitcoin has registered this growth close to $10,000, there is of course no exact explanation that could be given. However, the London Block Exchange seems to have a pretty solid opinion.
“Tomorrow is the first day of the Lunar New Year and some families are replacing their red envelopes of cash for bitcoin gifts. In each of the past three years, the crypto markets have experienced corrections three weeks before this important day.”
Well, for the moment things are looking good for bitcoin, but it remains to be seen if and how much this will last. Some predictions have previously claimed that the price of bitcoin might reach $50,000 by the end of the year, and that may still happen.
