Bitcoin has been trading down since the beginning of 2018. Investors have constantly been worried about the lows cryptocurrency has been facing in the market.
Bitcoin recently progressed to a value of $2000 approximately, on Tuesday after its intraday trough. This high was reached as a process of recovery against the low since last three months and made up for all the past losses since January 2018.
Bitcoin was dealing at a value of $7,900 mark after it hit a trough of $5,947 in less than 12 hours. Bitcoin, the leading cryptocurrency worldwide as per market cap, set off below $7,000 on that day but then later that day it increased to a value of $7,763 as per the reports by Coindesk BPI–Bitcoin Price Index. The currency then fell to a low value of $6,000 on Monday.
Bitcoin reached a mark of over $19,000 in the month of December and it needs to catch up again for almost a value of $10,000 after it lost its major value after mid-January. It fell from a mark of $17,000 after mid–January.
However, bitcoin’s recent rise revealed the overall situation of the market cap after it flung more than $100 billion in less than 10 hours. Moreover, the top 100 cryptocurrencies also saw a significant rise in their value and were celebrating the Tuesday green after encountering continuous blows since last three months, according to CoinMarketCap.
Ethereum rose to a value of $781 and Ripple XRP saw a rise to a value of $0.76 following Bitcoin’s rise in the market. Ether dropped below the value of $1000 in 1st February first.
Bitcoin is also maintaining the values on the same level after it passed the mark of $7,000 first during mid–November. Securities Enforcement Commission chair Jay Clayton and Commodity Futures Trading Commission chair J. Christopher Giancarlo gave a statement, earlier on Tuesday that their agencies are taking endeavors towards rendering strict regulations regarding crypto trading in the cryptoworld and are keeping a close watch on the cryptosphere regarding the same.