Bitcoin breaks $11000 in fourth day of gains

Last Updated: Mon, Feb 19, 2018 22:07 hrs
Bitcoin (Reuters image)

Highlights:

  • Tests $11,000 first time since January
  • Vitalk Buterin, founder of Ethereum warns saying cryptocurrency could fall to near-zero any time soon

Bitcoin has rallied in four consecutive trading sessions, aiming to gain back whatever it lost in the month of January. The cryptocurrency gained to a peak of $11207.71, a 7.30% up so far in the trading session.

The trading sessions in February have been positive, with the valuations improving by a whopping 57% since February 6.

Bitcoin's gain has been in stark contrast to the ones from close rivals such as Ripple Ethereum, LiteCoin, Cardano, which gained less than 4%.

Bitcoin prices soared to an all-time high of over $20000, but came crashing during January. The crash wiped off a trillion dollars in market-capitalisation of 1500 cryptocurrencies.

Bitcoin had tested $11,000 levels on January 29. Bitcoin in the news in the past three days, not only owing to its valuations, but also thanks to American comedian Ellen De Generes explaining what bitcoins are.

Here is Ellen's show:

Besides De Generes show, another speculation that has been doing the rounds is that of an anonymous buyer pumping nearly $400 million into bitcoins. The Las Vegas based investor has increased ownership from 55000 coins to 96000 coins in the transaction that was supposedly executed between Feb 9-12.

With this, the buyer holds bitcoins worth $1.1 billion. There is massive speculation that this could be a bull run for the crypto-currency, but then insiders such as Vitalik Buterin, Founder of Ethereum shared a warning signal saying there was a possibility that it could drop to near-zero any time.

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