Bitcoin Price Bounces Back as Cryptocurrency Experts Predict Huge Jump

'Bitcoin could dethrone gold as the ultimate safe-haven asset,' one analyst predicts

The price of bitcoin has broken above $12,000 (£9,870) to take its week-on-week gains above $2,000 and bring an end to a shaky time for cryptocurrencyinvestors.

Bitcoin is notoriously volatile, but the price fluctuations since June have been among the most erratic ever experienced by the world’s most valuable cryptocurrency.

After six months of steady but near-constant gains, the price of bitcoin took a sharp dive in late June as $4,000 was wiped from its value in the space of a week. It soon bounced back and by mid-July it was back trading at around $13,000.

But even heavier losses were to come, as bitcoin once again fell towards $9,000 at the end of July. A week of positive price movement may well be proceeded by another nosedive, however some market analysts believe that this time there may be more gains to come.

One reason for this is bitcoin gaining a reputation as a safe haven asset, allowing investors can theoretically pile money into the cryptocurrency when traditional markets are looking shaky. With rising trade tensions between the US and China, as well as growing uncertainty surrounding Brexit, bitcoin could see an influx in investments over the coming weeks and months.

Source: independant.co.uk 

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