Bitcoin Back to Life? Digital Currency’s Price Briefly Hits $5,000 Mark

17 December 2017 saw Bitcoin’s $20,000 all-time record price high, which was then followed by the cryptocurrency’s steady downfall.

The price of Bitcoin increased by 20 per cent on Tuesday to briefly touch the $5,000 mark before settling at $4,730, in what became the cryptocurrency’s largest one-day gain since April 2018.

Two other large cryptocurrencies — Ethereum’s ether and Ripple’s XRP — also jumped higher, gaining by 5.9 per cent and 5.8 per cent, respectively.
It was not immediately clear what was behind the jump in virtual currency price tags on the Luxembourg-based Bitstamp exchange.
In April of last year, Bitcoin was trading at $9,340 on the Bitstamp platform, which, in turn, was a modest rise after its dramatic fall in January 2018 following its all-time high of $20,000 in December 2017.
Commenting on Bitcoin’s ups and downs, Russian Economic Development Minister Maksim Oreshkin said in November 2018 that even though the digital currency had already “deflated like a soap bubble”, it “gave a positive impetus” in terms of developing new technologies and businesses.

Source: News Agencies