CryptoCoin prices rise on ‘historic correction’
CryptoCurrency prices have risen by more than 100% on Monday after the collapse of Bitcoin.
The rally is a sign of the global economic and financial chaos that is sweeping through the world, according to analysts.
The market has been in freefall since last Tuesday, when the cryptocurrency plunged more than $500.
It has since recovered slightly to hit an all-time high of $4,749 on Wednesday.
The crypto currency has been traded on exchanges like Bitfinex and Bittrex.
Its rally on Monday has brought a surge in demand, with traders seeking out more coins.
It was a dramatic increase on what was a low volume of transactions, said the head of Coinmarketcap.com.
“The market was just sitting there at $4K, and this is the first one that has moved past that and up to $7K, this is a massive amount of coins,” said Paul Vixie, a data analyst at Coinmarket.com who specializes in cryptocurrencies.
The Bitcoin market has not been this volatile since the summer of 2015.
On Monday, the price of a Bitcoin was up more than 200% compared to last week, according in-depth research from CoinMarketcap.
The cryptocurrency’s rally is likely linked to the rise in demand for it.
It may be due to an influx of new investors buying up the cryptocurrency.
This is a new wave of interest, as people try to get into cryptocurrencies in hopes of making a profit.
But the real driver for demand for the crypto has been the surge in adoption, said Vixie.
This could be a consequence of a rise in regulation and the regulatory fallout.
“It’s really a bit of a wild ride,” said Vogue.
“I think we’re in a new era for the cryptocurrency, and we have to see if the next wave of demand is going to be as big as the last one.”
Coinmarketcap says the market is on track to reach $7,000 by the end of this week, which is up from its current high of just under $5,000.