Cryptocurrency Round-Up: Bitcoin, Litecoin and Dogecoin Prices Rocket

Bitcoin and other altcoins see remarkable upturn in fortunes, climbing 15% to 20% in 24 hours(IBTimes UK)

The price of bitcoin and other major cryptocurrencies have seen significant gains over the last 24 hours.

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.

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%.

Bitcoin's remarkable recovery follows several weeks of steadily declining prices that saw its value fall to as low as $305 in October.

The price of bitcoin has reached its highest levels since September(CoinMarketCap)

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.

"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.

"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."

A new way to encourage mainstream adoption of cryptocurrencies like bitcoin and dogecoin has been devised by a London startup.

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Cryptocurrency Round-Up: Bitcoin, Litecoin and Dogecoin Prices Rocket