RATE Group | Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks
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Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks

08 Feb Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks

Posted at 15:00h in Cryptocurrency News by

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Bitcoin is continuing to pile on the gains.

The number one cryptocurrency by market value rose to a three-month high of $9,859 during the U.S. trading hours on Thursday and was last seen trading at $9,801, according to CoinDesk’s Bitcoin Price Index.

With the surge to multi-month highs,
bitcoin has recovered a significant portion of the ground lost in the second
half of 2019.

Bitcoin’s bull move from the April 2019 low of $4,100 topped out at $13,880 at the end of June. The bears seized control in July and ended up pushing prices to below $7,000 by the end of November.

December, therefore, began on a negative note with prominent analysts calling for a deeper drop to $6,000 or below on miner selling of the digital asset.

The decline, however, was cut short at the seven-month low of $6,425 on Dec. 18. Since then the cryptocurrency has risen sharply by more than $3,300.

The speed of the ascent has been impressive – nearly 46 percent of the decline from $13,880 to $6,425 seen in the 25…

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