The price of Bitcoin has hit a two-month high. The cryptocurrency’s value has shot up over the past week and has surged past the $7000 mark for the first time since early June.
It’s worth $7730 (~£5900) at the time of publication, according to the Coinbase exchange. The last time it was worth this much is May 23 − exactly two months ago
So far, 2018 has been a pretty demoralizing year for Bitcoin holders.
It was worth more than $13,400 at the beginning of January, and few would have expected its price to plummet quite as dramatically as it did over the following months, despite the significant wobble we saw just before Christmas.
Bitcoin has a reputation for being wildly unpredictable, yet the steady decline we’ve witnessed over the first half of this year − driven largely by high-profile heists and scams − has come to feel like the norm.
As a result, this week’s price surge feels rather exciting. It appears to have had a positive effect on many other digital currencies too.
CoinMarketCap’s list of the top 100 cryptocurrencies by market capitalization has a lot more green on it than we’ve seen in a long time. The majority of tokens, however, are in the red.
It isn’t clear what’s behind Bitcoin’s latest price rise, but we’re bound to see a huge number of different theories from Bitcoin believers and Bitcoin skeptics over the next few days.
If you are tempted to invest in the digital currency, however, never put in more than you can afford to lose.