Bitcoin bounces back above $10,000

The price of bitcoin has bounced back to above $10,000 for the first time in over nine months, with its value more than doubling since mid-December.

As of around 1 pm on Monday, one bitcoin was worth $10,068, having started the month at just $7500, and reached a month-long high of over $10,400. But the value of the volatile currency remains far below its 2017 peak of over $25,000.

According to the Messari.io database, bitcoin has experienced a year-to-date growth of 89.1%, and currently has a liquid market cap of US$123.82 billion ($177.41 billion). Meanwhile, the cryptocurrency has a market dominance rate of nearly 60%.

Adrian Przelozny, CEO of Australian cryptocurrency exchange Independent Reserve, said bitcoin’s recent performance is an encouraging sign for the entire sector.

“After successive months of strong gains from crypto, all signs suggest the markets have finally emerged from the crypto winter. Spring appears to have sprung with the price of Bitcoin surging to establish a new high for 2019 above $10,400,” he said.

“Amenities such as insurance and custodial services which are taken for granted in traditional markets have started to come online in the past 12 months... We have also seen increased interest in cryptocurrencies from the institutional sector as cryptocurrencies stake their claim at being a legitimate alternate asset class. We see this trend continuing into the future and expect this to be reflected in the price as investor sentiment continues to improve.”

Image credit: ©stock.adobe.com/au/Denys Rudyi