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Bitcoin's Value Soars Over $11,000 As Cryptocurrency Market Revives

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It has been an eventful weekend for cryptocurrencies. Bitcoin, the most expensive and popular cryptocurrency crossed the psychological mark of $10,000 on Saturday. Extending gains, it crossed $11,000 in value on Monday to $11,307.69 around 5.30 am (Hong Kong Time), according to Coindesk's Bitcoin Price Index, the highest level since 5 March 2018. It pared some gains later, but stayed above the $10,000-mark.

Bitcoin's Value Soars Over $11,000 As Cryptocurrency Market Revives
 

There have been multiple reports on experts trying to understand the sudden comeback in digital currencies. Most of them believe that the regain in interest in this market is on account of Facebook's announcement on launching its digital currency Libra next year.

Bitcoin, that had touched a high of $19,000 in December 2017, came crashing down in 2018 to hit a low of $3,000 after various governmental bodies started abolishing the use of cryptocurrency or sought to tighten laws to control its use.

However, since late February of 2019, bitcoin has been climbing in value after some major companies announced cryptocurrency related projects. Fidelity Investments, the American financial services multinational company, announced a cryptocurrency custody and trade execution operation in March.

It was the social network giant Facebook's announcement of launching a digital currency that put light on the growing concensus of the idea within the investment community, thus pushing the prices of bitcoin, XRP, ethereum and litecoin higher over the weekend.

Bitcoin's value surged by 170 percent in 2019.

Read more about: bitcoin cryptocurrency facebook
Story first published: Monday, June 24, 2019, 10:52 [IST]
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