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Bitcoin experienced another surge in price, taking its value towards $9,000 for the first time since March The price of bitcoin has shot up by almost $500 over the last 24 hours, causing a market-wide cryptocurrency resurgence that has seen ethereum, ripple and bitcoin cash surge in value by between 10 and 20 per cent. Bitcoin’s latest gains come one week after bitcoin bucked months of steadily decreasing prices by rising more than $1,000 in the space of one hour.

The world’s most valuable cryptocurrency has since consolidated its gains and is now heading towards $9,000 for the first time since March. At the time of writing, bitcoin’s price was $8,516, according to CoinMarketCap.

Bitcoin’s turn-around in fortunes appear modest when compared to other top-performing cryptocurrencies, with ethereum rising by 10 per cent since this time yesterday and ripple shooting up by 19 per cent. Bitcoin cash, an off-shoot from bitcoin that is now the fourth most-valuable cryptocurrency, rose by 15 per cent to take its market cap above $18 billion.

The latest price rise follows positive news in the cryptocurrency space in April. Last week, an Islamic scholar declared bitcoin and other cryptocurrencies halal under Sharia Law, potentially opening up the market to 1.8 billion Muslims around the world. Read more from independent.co.uk…

thumbnail courtesy of independent.co.uk