The cryptocurrency value has risen to its highest level in around 4 months, giving a push to the other small cryptocurrency contenders as well.
Bitcoin this Tuesday showed a significant rise in its price reportedly driven by a buy-out from an anonymous buyer. The order could be of significant value as the push surged the price beyond the $5,000 mark. The price then got stabilized at about $4,800 mark showing an increase of about 15%. At the point of writing, the price of Bitcoin is hovering at $4,732. The prices of other cryptocurrencies including Ethereum and Ripple also increased.
The reasons for the surge in price is being connected to a buy-out from an anonymous buyer by some of the sources. Time Magazine, on the other hand, mentioned that no one was really sure about why the price had risen. “It’s still very much subject to waves of enthusiasm. I don’t think today is anything special,” the Time Magazine quotes Jehan Chu, the Managing Partner at Kenetic Capital which is a blockchain investment and advisory firm.
The price of Bitcoin was previously intercepting a barrier at around $4,200. The resistance had the cryptocurrency stuck at the point for about 3 months, until this Tuesday. Before that, the currency had received a major blow after it lost about 76% of its value last year. The value of Bitcoin had fallen from an all-time high of $20,000 which it touched in 2017.