What just happened? Is the cryptocurrency market finally seeing a resurgence? It’s starting to look that way after Bitcoin, the largest of all the virtual currencies, briefly passed $5000—its highest value in four months. Other major cryptos have also seen their prices increase over the last 24 hours.
Last year’s cryptocurrency crash had a profound effect on companies and individuals alike, hitting Nvidia particularly hard. The tech giant saw its share price plummet in the wake of the decline and was hit with lawsuits from investors who say it made false claims about the situation.
Back in December 2017, Bitcoin hit a record peak of just under $20,000. The high price started a cryptomining boom, which saw graphics cards become ridiculously expensive and difficult to find. Since then, however, the crypto has steadily fallen, hitting a low of around $3,200 in December 2018. It's remained mostly below $4000 since then but suddenly jumped in the last 24 hours.
Several exchanges have Bitcoin exceeding the $5000 mark—its highest level since November last year. It’s currently down slightly to $4,721, which is still welcome news for holders.
It’s not just Bitcoin that is experiencing a surge; Ether, Ripple, Litecoin, and other currencies have also seen jumps in the last few hours.
Exactly what has caused the upturn is unknown. Changpeng Zhao, CEO of popular crypto exchange Binance, says he is “clueless” as to why it is happening. We’ll just have to wait and see whether this is a temporary anomaly or if the cryptocurrency market really is starting to turn around.
anyone know any news? I have been asked "a few" times, but honestly clueless.— CZ Binance (@cz_binance) April 2, 2019