Bitcoin price soars, back above $7,000

The price of Bitcoin – and other cryptocurrencies – continues its upwards turn…

After what’s been a challenging few weeks for cryptocurrencies pretty much across the board, Bitcoin followed its 5% price jump on Monday with a further 10% bounce on Tuesday. The price of the currency stands at $7,428.48 at the time of this story going live, a rise of 10.87% in the past 24 hours.

In fact, it’s green across the board for the leading cryptocurrencies, with the jump in Litecoin for instance nearly breaking 11%.

What’s the reason? Well, nothing specific that anybody appears to be putting their finger on. A reversal of the basing out of the currency over the past calendar month is one likely contributory factor, as is the news that finance giant BlackRock has now expressed an interest in cryptocurrency.

But clear of one obvious catalyst, predictions are now rife that Bitcoin could see its price slide back above the $8,000, with no single reason to explain it. Just, perhaps, a collection of more positive news around crypto, and a rebound from the price losses of those past week.

We’re still a long way from Bitcoin’s $20,000 high of last Christmas. Yet this week has seen a solid step in the right direction.

Image: BigStock