Bitcoin shows largest daily increase since 2011

By Yana Berman

The world's largest cryptocurrency briefly surpassed $10K

Bitcoin, the world's largest cryptocurrency, has gained more than 40 per cent in price, recovering most of its recent losses.

According to data provided by CoinMarketCap, the unexpected surge started on Friday, October 25, when the rate was hovering around $7,500. At some point on Saturday, October. 26, the price reached $9,977 (£7,770, €8,994).

However, on some major exchanges, including Bitstamp and BitMEX, the rate was even higher. The price of Bitcoin reached $10,350 and $10,600, respectively. That was the largest daily increase for the cryptocurrency since 2011.

By Monday, October 28, Bitcoin's price has seen moderate correction. The top coin is traded around $9,440 at press time, with its dominance on the market exceeding 68 per cent.

The experts cite different reasons behind the unexpected surge. However, most of them agree that China's support for blockchain has played an important role in the event.

What is your sentiment on BTC/USD?

Vote to see community's results!

On October 25 Chinese president Xi Jinping urged his government to develop blockchain technology. He wants China to become the leader in the area in order to set rules and standards on a global level.

The crypto community is also actively discussing 4Chan Prophecy, a blog post published by an anonymous user early in 2019 which contained remarkably accurate price predictions for Bitcoin. The post said that in October 2019 the price of the cryptocurrency will reach $16,000.

FURTHER READING: Crypto market update: BTC and ETH facing breakout tests

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image