Over the last month, bitcoin price has broken several record highs with the last one set on August 13, when the cryptocurrency hit $4,100. As a result, in less than 48 hours the price of the most popular virtual currency rose from $3,500, gaining around $600 in value.
According to experts, the main reason for the coin’s growth is investor confidence in bitcoin and activation of the SegWit protocol. In addition, growing demand for bitcoin in Japan contributed to its skyrocketing value. Today, more than 50% of bitcoin trading is denominated in the Japanese yen.
On August 22, bitcoin price nosedived, dropping to $3,682.23, the lowest level since August 12. On some exchanges, the cryptocurrency fell below $3,600. The current market capitalization of Bitcoin is $63.2 billion.
Many traders believe that bitcoin’s rally, during which the digital currency hit several all-time highs, might be reaching its peak. Economists say the bulls are tired, meaning that investors are tired of propping up bitcoin price.
