Bitcoin makes a comeback, tops $11,000

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The price of the world’s largest cryptocurrency by market capitalization, bitcoin, crossed the psychological mark of $10,000 on Friday night and further extended the gains on Saturday to hit a 15-month record.

Bitcoin soared more than 10 percent to $10,839.14 per one digital coin at 6:14am GMT on Saturday – its highest price since March 2018. In the hours that followed, it hit another record, topping $11,000, Coinmarketcap data shows.

The most popular currency is still far below its all-time high of nearly $20,000, which was recorded in December 2017, but the recent rally has already managed to erase more than 40 percent of the sell-off seen in the 12 months to December 2018, according to CoinDesk.

This year has been bullish so far for bitcoin. It started at around $3,700 per coin on January 1 but the price of the cryptocurrency has nearly tripled since then.

“No other market in my 45 years of trading has gone parabolic on a log chart in this manner,” veteran trader Peter Brandt wrote on Twitter.