The value of Bitcoin surged past the $11,000 mark on Monday afternoon following the launch of a rejuvenation rally last week.
In recent months, the digital coin has seen its price suffer as its integration with the mainstream financial system has led to significant scalability issues which have affected its popularity.
Now, the ubiquitous king of cryptocurrencies is seemingly on a recovery track as Bitcoin price soars beyond $11,000 (USD) this week.
This upward trend is likely to continue as Bitcoin revives its dominance as the world’s leading digital currency once again.
Bitcoin Price On the Rise Again
Between November 2017 and January 2018, drops in Bitcoin price saw the cryptocurrency lose almost half its value.
Sources say that the digital coin suffered a major blow when it began to lose its massive dark web following as the infamous dark web drug vendors began to switch to less expensive cryptocurrencies.
Meanwhile, the virtual currency became the focus of smear campaigns carried out by financial institutions. Business Insider Poland reported that Poland’s central bank, the Narodowy Bank Polski (NFB), paid over $27,000 (USD) to various people to attack the legitimacy of Bitcoin and other digital currencies on various social platforms.
The smear campaign was carried out on Facebook, Twitter and YouTube, and involved star social media celebrities making people aware of how they can lose their money through Bitcoin.
It isn’t the first time Bitcoin has faced opposition, especially from traditional financial institutions that feel threatened by cryptocurrencies’ versatility and increasing relevance in the modern world.
Japan Spearheading Recovery of BTC
Senior market analyst Mati Greenspan believes that the fall and rise of BTC was orchestrated by players in Japan. In press email, the eToro analyst talked about how the digital currency was taken down from the top then brought up from the bottom. According to him, none of it was a coincidence.
Japan has played an increasingly central role in the rejuvenation of Bitcoin. However, positive news from all over Europe followed the coin’s rise past the $11,000 mark.
This is despite the harsh reception it has received from European banks over the last year or so. Acts like the Swiss government’s establishment of regulations to governICOs show that the tides might be changing for Bitcoin.
Bitcoin Price Expected To Overcome Recent Spate of Lows
BTC might be bouncing back and investors may be happy for now.
However, if the coin’s dismal performances in the recent past are anything to go by, there is no guarantee whether Bitcoin price will stay up.
For the moment, everything seems to be back on track for Bitcoin in the financial world.
Investors continue to buy more of the digital currency as its previous rapid upward trend is anticipated to return towards the beginning of the second quarter of 2018.
In the meantime, the digital currency continues to struggle with scalability issues that have led to its drop in popularity where it historically mattered most—on the dark web.