Bitcoin hit a fresh all-time high Sunday above the $8,000 mark after a wild week for the cryptocurrency.
On Sunday around 8:00 p.m. London time, it hit a record high of $8,101.91, according to data from industry website CoinDesk. Bitcoin held above $8,000 in early trade on Monday.
The rally comes on the back of a huge sell-off on Sunday, November 12, where the price of bitcoin fell to around $5,500. That low, to the record high on Sunday, marks a more than 47 percent increase in the cryptocurrency’s price.
Bitcoin’s price dip last weekend came after a proposed upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off. The aim was to increase the transaction speeds of bitcoin, which has increasingly slowed down over the years. If the upgrade had taken place, it would have caused what is known as a “hard fork,” causing a new bitcoin spin-off to be formed.
Meanwhile, there has been a slew of positive news which has supported the bitcoin price. Favorable regulation in Japan has managed to offset the clampdown from regulators in countries including China and South Korea.
