Many in the financial world this week were claiming Bitcoin was “dead” after it hit its 2018 record lows this week. What they didn’t predict was a Bitcoin rally. On Sunday, the world’s first digital currency hit just above $3,600 a coin, which is the coin’s record-low this year.
Bitcoin hadn’t seen below $3,700 since mid-September 2017, and this past week, the cryptocurrency was down almost -40% for the month. However, on Tuesday night that all began to shift.
In around 60 minutes, Bitcoin jumped up in price over $200. While this isn’t the monumental rise it had on a daily basis in late-2017, the jump shows a positive trend. Major sells-offs began when the miners behind Bitcoin Cash started a civil war. The digital currency was set for its semi-annual upgrade and was split into two competing digital currencies after its hard fork.