Bitcoin price surges 10% despite dire predictions about future

The plummeting price of Bitcoin has seen a brief respite over the last 48 hours, with the cryptocurrency rising in value by more than 10 per cent.

The market turnaround comes after nearly a year of declining prices that has seen Bitcoin fall from close to $20,000 (£16,000) in December 2017, to today’s price of $3,500.

Other major cryptocurrencies have experienced similar price rallies, including ripple, ethereum and stellar, but by far the biggest gains have been seen by EOS.

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The world’s fourth most valuable cryptocurrency has risen in price by almost 50 per cent over the last couple of days, according to CoinMarketCap.

The price gains come as some cryptocurrency analysts were forecasting even more falls in the market. On Monday, one former advocate predicted Bitcoin will become worthless in 2019.

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1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009

On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’

Reuters

2/8 Bitcoin is used as a currency for the first time

On 22 May, 2010, the first ever real-world Bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 Bitcoins – the equivalent of $90 million at today’s prices

Lazlo Hanyecz

3/8 Silk Road opens for business

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for Bitcoin

4/8 The first Bitcoin ATM appears

On 29 October, 2013, the first ever Bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange Bitcoins for cash

REUTERS/Dimitris Michalakis

5/8 The fall of MtGox

The world’s biggest Bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers Bitcoins. At the time, this was around 7 per cent of all Bitcoins and the market inevitably crashed

Getty Images

6/8 Would the real Satoshi Nakamoto please stand up

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim


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