Bitcoin price: values leap beyond $4,000 mark
Cryptocurrency market moves into ‘bullish zone’ with further gains on the horizon
Bitcoin investors hoping for a recovery in 2019 are in luck as the cryptocurrency’s value has leapt above the $4,000 ($3,140) mark.
The digital coin suffered a series of major sell-offs in 2018, with prices tumbling from highs of $20,000 (£15,700) per coin in December 2017 to just over $3,700 (£2,900) a year later, according to figures from ranking site CoinMarketCap.
While bitcoin values remained stable over the first week of January, prices jumped by roughly 6% to $4,070 (£3,200) in the space of half an hour on Sunday afternoon, the site reveals. As of 9am on Monday UK time, prices were sitting at $4,080.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It’s believed that a “bitcoin whale”, a term given to investors with a significant share of the cryptocurrency, may be behind Sunday’s price surge, Forbes reports.
The unnamed investor reportedly transferred $10m (£7.85m) worth of bitcoin on the Luxembourg-based cryptocurrency exchange Bitstamp, bumping the virtual coin’s trading volume over $5bn (£3.92bn), the news site says.
Speaking to Forbes, Mati Greenspan, senior market analyst at cryptocurrency exchange eToro, said that a price surge is “not entirely uncommon for bitcoin” and could be the hallmark of “a single large order on an exchange or even by a lack of liquidity in the market.
“What’s interesting about this move is that it did bring us above the $4,000 level and so far is holding onto the gains”, he added.
Rival cryptocurrencies have also seen rising values since the start of 2019, indicating that they are moving into a “bullish zone” and signalling that further gains may be on the horizon, says virtual currency site NewsBTC.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
How Harris and Trump differ on education
The Explainer Trump wants to disband the Department of Education. Harris wants to boost teacher pay.
By Joel Mathis, The Week US Published
-
How to minimize capital gains tax on investments
The Explainer It can take a chunk out of your profits
By Becca Stanek, The Week US Published
-
Crossword: November 4, 2024
The Week's daily crossword
By The Week Staff Published
-
Paraguay's dangerous dalliance with cryptocurrency
Under The Radar Overheating Paraguayans are pushing back over power outages caused by illegal miners
By Chas Newkey-Burden, The Week UK Published
-
Sam Bankman-Fried found guilty: where does crypto go from here?
Today's Big Question Conviction of the 'tousle-haired mogul' confirms sector's 'Wild West' and 'rogue' image, say experts
By Chas Newkey-Burden, The Week UK Published
-
Does looming FTX collapse spell the end of crypto?
Today's Big Question Fall of the embattled cryptocurrency-exchange platform has sent shockwaves through the industry
By Fred Kelly Published
-
How DAOs work – and why they matter
feature Everything you need to know about the major new cryptocurrency trend
By Kate Samuelson Published
-
Millionaire ‘mugged’ of bitcoin fortune by masked raiders
feature Co-founder of ‘Spanish Facebook’ says he was tortured into revealing cryptocurrency passwords
By The Week Staff Published
-
How cybercriminals are hacking into the heart of the US economy
Speed Read Ransomware attacks have become a global epidemic, with more than $18.6bn paid in ransoms in 2020
By The Week Staff Last updated
-
Language-learning apps speak the right lingo for UK subscribers
Speed Read Locked-down Brits turn to online lessons as a new hobby and way to upskill
By Mike Starling Published
-
Brexit-hobbled Britain ‘still tech powerhouse of Europe’
Speed Read New research shows that UK start-ups have won more funding than France and Germany combined over past year
By Mike Starling Published