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Bitcoin has already hit its lowest price of the year, according to one analyst Bitcoin has recovered from its recent price slump, mirroring an annual trend that sees the cryptocurrency surge in value following a major conference in May. The price of bitcoin has risen by 5 per cent in the 24 hours since the Consensus conference kicked off in New York, as the fourth annual blockchain technology summit once again provided a boost to the volatile cryptocurrency.

Analysts predicted the price rally earlier this week, after bitcoin had fallen to a three-week low. “We expect the Consensus rally to be even larger than past years,” Tom Lee, head of research at Fundstrat Global Advisors, said in a note to clients ahead of the conference.

Bitcoin has already hit its lowest price point of the year, according to Mr Lee, having fallen to around $6,500 in early February. “In general, we see 2018 being a strong year, but we see the larger and more established blockchains growing in dominance in 2018,” the research note said, highlighting ethereum as one of the other cryptocurrencies set to benefit.

“Bottom line: We expect bitcoin and cryptocurrencies to behave similarly to prior years and rally during Consensus.” The turn-around in fortunes has been reflected across cryptocurrency markets, with ethereum, bitcoin cash and ripple all seeing significant gains since early April. Designed by Pierpaolo Lazzarini from Italian company Jet Capsule. Read more from independent.co.uk…

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