Bitcoin is currently surging above $57,000, according to CoinMarketCap. This is welcome news for those who lost their trust in the cryptocurrency market after its recent nosedive.
Bitcoin reinvigorated by past week’s blip
Investors have been quick to embrace the optimism from the past week, with bitcoin earnings from November 26th-December 2nd reaching a monthly high of $4.9 billion. The market cap of all cryptocurrencies has more than tripled since October 2017, making it difficult for individuals to make a profit if they wish to enter.
Bitcoin surges above $5,000 over weekend
Bitcoin has surged to a high of $5,101.42 on the Bitfinex exchange after topping out nearly at $4,900 earlier in the day.
Bitcoin could reach $6,000 before year-end
The cryptoeconomy has rebounded to $57,000 at the start of December. This is approximately how much it reached in early November, according to CoinDesk. This is an amazing milestone considering it was only at $4,500 on October 3rd.
Bitcoin bears turning bullish
After a long decline, the price of Bitcoin has been making gains on its way to a new high. With the price reaching $3,000 in February, a lot of bets have been made that it will continue to rise. Right now, people are speculating on whether the recent surge of investments and the continued climb will be enough for Bitcoin to surpass gold’s current spot price of $1,335.
Market cap of Bitcoin up to $280 billion by year end
Many cryptocurrency experts and investors believe that the top digital currencies will reach their “yearly high” of $57,000 by the end of the year. This estimate is based on a number of factors, including increasing adoption and blockchain technology.
Bitcoin developers are committed to helping the ecosystem grow
Following a long but healthy decline in the value of Bitcoin, it has rebounded in popularity in recent months. The surge in interest in Bitcoin and other cryptocurrencies is largely attributed to developers who are committed to strengthening the ecosystem.
