Bitcoin price: values show signing of recovery following slump – The Week UK

Bitcoin values are slowly gaining pace after last week falling to their lowest levels since May.

The price of the virtual currency had risen steadily during the first six months of this year, after a tumultuous 2018 that saw prices plummeting from the record high of $20,000 (15,500) recorded at the end of 2017.

But after nearing a value of $13,000 (10,080) this June, values gradually slipped towards the $10,000 (7,750) mark in September and then fell to a six-month low of $6,630 (5,140) on Sunday, figures from ranking siteCoinMarketCapreveal.

However, prices are creeping up again, withbitcointrading at $7,530 (5,840) as of 9:00am UK time today.

Bitcoins rivals are also fairing better. Over the past five days, Ethereum has risen from from a low of $134 to $154 today, while banking-focused coin Ripple has climbed to $0.23 (0.18) from Sundays price of $0.21 (0.16).

Chinas crackdown on illegal cryptocurrency trading was blamed for last weeks plummeting prices. But while the Asian superpower is still in the processes of closing down illicit trading platforms, investors seem to be regaining confidence in the market.

Bloombergsaysbitcoin has risen by about 95% in 2019, which investors are taking as a sign cryptocurrencies are maturing.

Although the declines will probably cause short-term investors a few headaches, many experts believe this is the perfect time to buy into bitcoin, The Independent reports.

Once again the value of bitcoin has plummeted due to the nature of cryptocurrency, this is not the first, nor will it be the last time this occurs, Peter Wood, head of trading platform CoinBurp, told the news site.

However, new-time investors can be comforted by the fact that its value will most likely rise again, and newcomers to cryptocurrency should see no better opportunity that to invest now, he added.

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Bitcoin price: values show signing of recovery following slump - The Week UK