A happy day for all Bitcoin investors and traders as Bitcoin surpassed $4,000 for the first time in two weeks, continuing to break away from a months-long rout.
The price of the world’s best-known cryptocurrency, Bitcoin, climbed almost 7% to $4,037 on Thursday, according to CoinDesk‘s index tracker.
The last time the digital currency was trading at the $4,000 level was on Dec. 4. It began to plummet in mid-November after months of stability, restoring volatility in an asset known to jump or fall hundreds of dollars within hours.
It has fallen almost 80 percent since a record high near $20,000 in December last year. Earlier this week, bitcoin began to jolt upward on the anniversary of the cryptocurrency‘s all-time high.
“The surge on Monday represents a strong push off the key support level of $3,000 per coin,” Mati Greenspan, senior market analyst at social trading platform eToro, told CNBC in an email.
“This is an extremely significant movement that may end up creating a floor for the battered down cryptocurrency.”
Greenspan said the sudden rally was likely the result of traders closing their short positions ahead of the holidays.
Chief executive of cryptocurrency comparison platform CryptoCompare Charles Hayter, said the recent sell-off in cryptocurrencies was likely seen as a “buying opportunity.”
“The maxim of buy when there’s blood on the streets could be influencing some to gain exposure at this nadir prior to the new year,” he told CNBC in an email Thursday.
Last year proved to be a momentous one for bitcoin, with trading giants like CME and Cboe introducing futures contracts for the virtual currency. According to a Wall Street Journal report out Thursday, New York Stock Exchange parent Intercontinental Exchange may soon get regulatory approval to launch the first futures contract redeemable in bitcoin.
Good one for all Bitcoin investors and traders right? I believe bitcoin will surge higher to surpass its highest ever achieved peak.
Do you agree with me? Tell us in the comment box below.