Bitcoin (BTC) skyrocketed in value to a two-week high earlier today, gaining almost US$400 in just one hour of trading.
The world’s leading cryptocurrency increased from US$6,466.50 at midnight to US$6,858.61 at 1am GMT, according to figures from BTC and digital currency website
Einstein Exchange.
This marked the first time Bitcoin had risen above US$6,800 since August 7
th, but the reason for the latest significant jump in its value was not immediately clear.
The cryptocurrency did however soften slightly to US$6,675.61 later in the day, but it was still up 3.5% at press time.
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The surge followed several struggles for the volatile cryptocurrency market over recent weeks, with Bitcoin and its second and third-largest counterparts,
Ethereum (ETH) and
Ripple (XRP), continuing to slip into the red.
At the time, analysts attributed these sharp falls to an announcement from the
U.S. Securities and Exchange Commission (SEC) to postpone a decision on a proposed Bitcoin Exchange-Traded Fund (ETF), which would purportedly allow a massive flow of new capital to flood into the overall crypto market.
Along with Bitcoin, ETH was up nearly 3% at a price of US$288.50 at press time, while XRP increased by 2% at a price of US0.326, as per
Einstein Exchange.
Earlier this week, new figures revealed the
value of all cryptocurrency tokens in circulation has plummeted by US$600 billion since its peak at the start of 2018.
