After a full week of fluctuation and decline in the prices of cryptocurrencies like Bitcoin, the virtual market is now showing positive growth. Bitcoin and other major cryptocurrencies rise in the value, 26 November, as the reports say.
The world’s most valuable and well known virtual currency climbed back to the mark of $4000, Sunday, as CoinMarketCap data shows. The price of Bitcoin was below $3500, noted as low as $3,447.58 on Sunday. But, later that day, BTC recovered from the loss.
On Monday, 26 November, Bitcoin was trading at 5.54 percent, high to a point of $3982.80. However, at the time of writing this, 26 November, 09:30, the price is noted to be $3731.93, which is comparatively low to the value $3982.80. The price graph of Bitcoin is kept changing hours after hours, showing unexpected values over the last 24 hours.
Bitcoin and its Past Graph
Bitcoin is the only cryptocurrency which has seen its lifetime high and low values. As of now, it has shown 80 percent drop in the value from all time up of $20,000 in December last year. Apart from this, other cryptocurrencies like XRP and Ether, which are second and the third most valuable virtual currencies in the world have shown their lifetime drop of 90 percent.
It all started in November 2014, when the virtual market showed a sudden wave of volatility, dropped below $6000 for the very first time. The hard fork led to the creation of two versions of Bitcoin Cash.
Bitcoin and Hash Rate
Other major things to concern for the investors are regulatory scrutiny and continuous fall in the ‘hash rate’. Hash rate is simply the rate at which the miner of BTC solves difficult mathematical problems in order to add a transaction to the blockchain network.
Charles Hayter, the chief executive of CryptoCompare – Digital currency comparison site, told a news outlet CNBC, “Bitcoin has been correlated to its hash rate and with it now falling, so is the price,”
He further added, “The idea is that the hash rate gives some idea of what underlying opex (operating expenses) and capital costs people are willing to utilize to generate bitcoin and give it a benchmark price.”