Source: IQOption Blog
By: Juan Carlos Garcia
The most famous digital currency broke through the $11,000 mark during the weekend for the first time since the end of January as its price continues to slowly rise following a massive sell-off at the start of the month.
The price of the cryptocurrency went as high as $11,279.18 on Sunday. On Monday, bitcoin was trading below $11,000, at $10,789, at around 9:30 a.m.
Bitcoin’s price has been slowly going up after a massive sell-off in early February, which was triggered by fears over tighter regulation, rumors of price manipulation in the market, and a hack on cryptocurrency exchange Coincheck that saw over $500 million stolen.
Bitcoin is up over 80 percent since it bottomed at $5.947.40 on February 6.
In South Korea, a key market for bitcoin, there were fears that a ban on cryptocurrency trading could come into effect. But as new measures were implemented, they were less strict than investors thought, and many sounded a positive note.
Tom Lee, the first major Wall Street strategist to cover bitcoin, said that bitcoin will likely rise to $25,000 this year. Kay Van-Petersen, an analyst at Saxo Bank who correctly predicted the cryptocurrency’s rally at the start of last year told CNBC in a recent interview that bitcoin could go to $100,000.
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