BITCOIN (BTC) prices soared to almost £15,592.50 ($20,000) per token this time last year before trading slumped and the cryptocurrency crashed – but how much is the digital currency worth today?
Bitcoin’s meteoric rise through the second half of December 2017 saw prices peak at £14,982.49 ($18,877) on some crypto exchanges. The sudden rush to buy bitcoin was offset by an almost immediate crash and prices have since fallen by around 80 percent on last year’s highs. However, the token’s volatile behaviour was to be expected according to Matti Greenspan, a senior analyst at eToro. But the crypto expert thinks bitcoin has the potential to surprise traders once it finds a sure footing.
Mr Greenspan said: “One year on from bitcoin’s all-time high, many are questioning how cryptoassets are valued, and whether they are a sensible investment.
“As a relatively new concept, cryptoassets are still finding their feet in terms of value.
“It’s important to remember that all assets, in every market, experience a process of price discovery and that cryptos are no different.”
In his opinion, Mr Greenspan said bitcoin’s price fluctuations over the last year should not deter long-term interest.
He said BTC suffered four major price retracements in the last 10 months but it “just a matter of time” before the cryptocurrency finds its “centre of gravity”.
How much is bitcoin worth today?
Bitcoin trading kicked off relatively smoothly with a 24 hour opening of £2,551.53 ($3,214.77), according to CoinDesk.
I don’t see Bitcoin reaching new highs in 2019
However, around midday, a sudden rush of trading saw prices skyrocket through the roof, reaching a 24 hour high of £2,725.02 ($3,433.36) at 4.47pm GMT.
At 4.47pm GMT, the cryptocurrency was exchanging hands for £2,710.15 ($3,414.62) – 6.30 percent growth on the last 24 hours.
The cryptocurrency’s overall market capitalisation is performing equally well with the token’s value jumping around the same time prices spiked.
