Bitcoin has recorded its best start to the year since 2012. Optimism has returned to the market following a crash after the 2017 record high.
Bitcoin was trading at around $8,667.33 at 13:34 p.m. SIN/HK up roughly 21% so far this year.Other digital coins including ethereum and XRP have followed suit, posting more than 20% gains in the first two weeks of 2020.
In December 2017, bitcoin hit an all-time high of nearly $20,000 but fell sharply to just over $3,000 in December 2018. Many experts saw that as the bottom as the price of the digital currency continued to climb in 2019.
But a few developments have helped underpin the recent price surge.
Meanwhile, developments on the technical aspects of bitcoin could also be fueling recent buying.