Cryptocurrency price surge: Bitcoin, Ethereum and Ripple shoot up in value


Bitcoin has been on the slide all year – but is it now on its way back up? (Photo: Chesnot/Getty Images)

In the cryptocurrency markets, a lot can happen in a very short space of time.

Now Bitcoin has shot up value to hit its highest point since March 28 after experiencing a dreadful year in which its price halved.

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Cryptocurrency prices leapt up by 10 percent to a two-week high, although analysts admitted they were unsure what triggered the spike.

On the Luxembourg-based Bitstamp exchange, Bitcoin spiked as much as 14 percent at one point in mid-morning European trading and by 1225 GMT was up 10.3 percent at $7,657.

Other cryptocurrencies like Ethereum and Ripple also rose sharply.

This graph shows the price hike of Bitcoin over the past 24 hours (Graphic: Coindesk)

Two people active in the cryptocurrency market told Reuters the biggest moves in bitcoin had occurred on the Bitfinex exchange before spreading to other trading platforms, but they were struggling to see what had caused the jump.

Cryptocurrency prices had sagged in recent weeks, with price volatility also down.

Last year, Bitcoin hit a high of almost $20,000 before plunging through 2018 in a ‘bloodbath’.

Jon Ostler, UK CEO at finder.com, had this advice: ‘While the downward trend has continued over the past month for many coins, our panel remains bullish in a presently bearish market, signalling optimism for future growth.

‘Bitcoin is still forecast by our panel to reach $21,485 (£15,261) by December 31.

‘Before considering purchasing cryptocurrency, it’s crucial to understand that the market is incredibly volatile and will continue to represent high risk. It’s important to do your research, seek professional advice and compare your options before taking the leap into the market.’

MORE: Alleged Bitcoin creator Craig ‘Satoshi Nakamoto’ Wright reveals his secrets in rare interview





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