Bitcoin Reaches $11,000 after Several Weeks below this Price Range
It seems that bitcoin is starting to gain some ground and the popular cryptocurrency is trading over $11,000. This is the first time when the price of bitcoin has reached such a value since January. So, it is safe to say that the digital currency has had some difficult weeks, at one point even dropping below $6,000.
Bitcoin reached $11,000 over the weekend
The price of bitcoin continues to be on a growing trend, despite the issues it has suffered at the start of February. The main reason for the previous drop was said to be the enhanced debates by authorities on regulating the cryptocurrency market. Along with the fears of enhanced regulation, a massive cryptocurrencies hack and concerns of price manipulation contributed to the fall of bitcoin.
The price of the famous cryptocurrency even reached $11,279 at one point during the weekend.
Reportedly, the growth came after investors saw that new measures to regulate the cryptocurrency market in South Korea were not as severe as expected.
At the same time, it seems to have helped the fact that several market analysts have not lost their faith in bitcoin. Some have predicted that the price of bitcoin will grow to $25,000 this year.
Others said that the cryptocurrency will reach $50,000 by the end of the year. Of course, the most unexpected prediction came from Kay Van-Petersen, a Saxo Bank analyst, who claimed that bitcoin might even reach $100,000.
However, huge investments definitely helped, as well. For instance, an anonymous trader purchased the impressive sum of $400 million worth of bitcoin. The name of the investor was not revealed. The purchases reportedly happened on February 9 and February 12.