Bitcoin has doubled its value in 25 days
Bitcoin reached an all-time high of over £2,700 on 25 May, according to data from CoinDesk. Bitcoin reached a high of £2,776 today – which is twice what it was priced at on 30 April, £1,347. CNBC reported that Bitcoin is in the middle of a “price frenzy”, and that there will be a correction.
“It’s unclear if that correction will start from current prices of £2,700, or from some place much higher,” stated the report.
Bitcoin’s price surge has been attributed to multiple factors, including the recent adoption of the cryptocurrency by Japan as a legal payment method.