Bitcoin was all but forgotten about, but the blockchain digital currency is back in the news. At the end of June, Bitcoin seemingly came back to life after a prolonged period of losses and stagnancy that started in late 2018. The decentralized currency rose in value and even cracked the US$13,000 mark on June 26 (closing price).
Bitcoin had been valued at approximately US$19,700 as recently as December 18, 2017. Late 2017 and early 2018 was the heyday of Bitcoin, with a single coin fetching prices above US$15,000. As the coin’s value shrank subsequently, many thought the hype around cryptocurrency had blown over. But Bitcoin rallied back to the five digits and was valued at approximately US$11,500 on Thursday morning (July 11).
Facebook’s announcement that it is starting its own cryptocurrency could have played a part in reviving interest in Bitcoin. Also, scheduled Bitcoin halving (the halving of the amount of Bitcoin that can be mined over a certain period of time) in 2020 spells out more value increases for the future.