Bitcoin price surges $1,000 to stage remarkable recovery after end-of-year price crash

Several leading cryptocurrencies have risen in price by more than 20 per cent over the last 24 hours, as Bitcoin continues to lead a market-wide recovery following heavy losses in 2018.

Ripple, the world’s second most valuable cryptocurrency, saw the biggest gains as it surged by 28 per cent to its highest price since mid-November.

Bitcoin’s resurgence has seen it rise by more than $1,000 (£790) in the space of a week, having hit a year low of $3,250 on 17 December.

Join Independent Minds

For exclusive articles, events and an advertising-free read for just
£5.99
€6.99
$9.99
a month

Start your free trial

Get the best of The Independent

With an Independent Minds subscription for just
£5.99
€6.99
$9.99
a month

Start your free trial

Get the best of The Independent

Without the ads – for just
£5.99
€6.99
$9.99
a month

Start your free trial

“What a difference a week makes. Seven days ago things didn’t appear that they could really get much worse for the crypto markets as we crawled towards the end of 2018 looking forward to putting it behind us,” David Thomas, director of a Mayfair-based cryptocurrency broker, told The Independent.

“However, it appears that the ‘Santa Rally’ as some have called it, has been well and truly on with a 22 per cent and 71 per cent increase in price for Bitcoin and ethereum respectively in the last week.”

leftCreated with Sketch.
rightCreated with Sketch.

1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009

On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’

Reuters

2/8 Bitcoin is used as a currency for the first time

On 22 May, 2010, the first ever real-world Bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 Bitcoins – the equivalent of $90 million at today’s prices

Lazlo Hanyecz

3/8 Silk Road opens for business

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for Bitcoin

4/8 The first Bitcoin ATM appears

On 29 October, 2013, the first ever Bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange Bitcoins for cash

REUTERS/Dimitris Michalakis

5/8 The fall of MtGox

The world’s biggest Bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers Bitcoins. At the time, this was around 7 per cent of all Bitcoins and the market inevitably crashed

Getty Images

6/8 Would the real Satoshi Nakamoto please stand up

Article Source…