Bitcoin, a cryptocurrency which is often touted as the world’s best cryptocurrency crossed a value of $8,000 on Tuesday for the first time in a duration of two months. The growth came after many believed that what was going to be the end of cryptocurrencies. However, the sudden sprout of growth might indicate an increased interest of institutions and governments in e-currencies despite their shortcomings and controversies.
The drop and rise in the price of Bitcoin is a similar portrayal of the price range observed during the years 2015-2016. For reference, Bitcoin completely fell and rose to $13,880 at the end of June 2015 before dropping down again.
The growth sprout can also be contributed to reports suggesting the upcoming approval in the Untied States leading to the approval of cryptocurrency exchange traded fund (ETF). The reports seem to be extremely reliable as BlackRock’s Chief Executive Larry Fink commented that the world’s biggest investment firms were looking to make a huge investment in cryptocurrencies.
According to the Luxembourg-based Bitstamp exchange the value of a single Bitcoin rose as high as $8,130, which was the highest quoted value since May 22. Furthermore, the prices of most cryptocurrencies also rose in value following the trend of Bitcoin, however they remained at a much lower value and in retrospect remained lower through the duration of the entire week.
At the time of writing the value of Bitcoin is trading nearly $8,000 on Bitstamp indicating a 0.7% drop over a period of 24 hours. Before rising to respectable ranks, Bitcoin also went through a drop to the note of $7,800 coupled with falling traded volumes. However, most analysts quote that a faded trade volume is often short lived.
Notably, Bitcoin crossed an al-time high value of $20,000 in December and then lost half of the value in 2018 as interest by the private and public interest declined exponentially.