Bitcoin is once again attracting speculative traders after a volatile week. On Friday, the original digital currency experienced its largest surge in nearly three years, recovering almost all losses incurred during Thursday’s cryptocurrency market downturn. The prior sell-off had seen Bitcoin plummet more than 50 per cent from its peak in October.
The significant price swings, around 13 per cent, have boosted volatility, creating potential profit opportunities for traders. Bitcoin rose as much as 13 per cent to $US71,469 on Friday, having earlier come close to breaching $US60,000 for the first time since October 2024. Despite Friday’s gains, Bitcoin is still down more than 15 per cent for the week.
Other, smaller cryptocurrencies also rebounded on Friday. Ether and solana both increased by approximately 11 per cent, while XRP jumped by around 25 per cent. Bitcoin currently represents almost 60 per cent of the total $US2.4 trillion value of the cryptocurrency market.
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.
