Bitcoin and other altcoins see remarkable upturn in fortunes, climbing 15% to 20% in 24 hours(IBTimes UK) <\/p>\n
The price of bitcoin and other major cryptocurrencies have seen significant gains over the last 24 hours. <\/p>\n
Bitcoin's market cap topped $6bn (3.8bn) at one stage, as a market-wide surge saw the price of one bitcoin rise by more than $90 since yesterday. <\/p>\n
Litecoin, often referred to as silver to bitcoin's gold, has risen by 20% since Tuesday, while meme-inspired cryptocurrency dogecoin rose in value by around 15%. <\/p>\n
Bitcoin's remarkable recovery follows several weeks of steadily declining prices that saw its value fall to as low as $305 in October. <\/p>\n
The price of bitcoin has reached its highest levels since September(CoinMarketCap) <\/p>\n
It is difficult to pin the upturn on one single factor, though analysts have suggested it could be as a result of recent positive media coverage combined with bitcoin being oversold. <\/p>\n
\"It's increasingly clear in this current run-up that bitcoin is oversold, with a great many more investors bullish long term and seeking the right entry point than short-term traders running out of coins to sell,\"Michael Terpin, co-founder of BitAngelsand creator of the CoinAgenda conference, told IBTimes UK. <\/p>\n
\"I predicted during Money 20\/20 that we could go as high as $600 by year's end and I'm sticking to that prediction.\" <\/p>\n
A new way to encourage mainstream adoption of cryptocurrencies like bitcoin and dogecoin has been devised by a London startup. <\/p>\n
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