The Bitcoin price has been surging steadily in recent days, but its price is still down around $400, from a peak of around $700.
It now trades at $846, or about 20 percent below the all-time high reached on Nov. 16, 2018.
The price of Ether, the most popular cryptocurrency, has been hovering around $6,300, or around 3 percent below its all- time high reached last week.
Bitcoin price was last up by 2.2 percent, but this time around it is down almost 9 percent, from $621.10 at the start of the week to $618.35.
The Bitcoin market has been trending higher as the price of the digital currency has soared.
“Bitcoin is now trading at an all–time higher price point than it has been in over a year, and the only thing keeping the price from falling is that there are a lot of new coins and new coins are coming out at an exponential rate,” said Ben Shnem, a bitcoin expert and author of the book Bitcoin Cash: A Very Brief History.
“It will be interesting to see how long it will last.”
The price of Ethereum has been climbing at an incredible pace as a result of the Ethereum Classic (ETC) fork, a fork that allows for users to create their own cryptocurrency.
Ethereum Classic has gained more than 8 percent since Nov. 15, and is now hovering around the $7,000 level.
Ethereum’s price has surged to $12,000 from a high of $1,865.
A new altcoin called Dash, which has gained over 1,000 percent, has also surged.
“Bitcoin is the cryptocurrency that is driving this upward movement, and Ethereum is the only cryptocurrency that has gained traction at this point,” Shnems said.
The price surge in Ethereum has also led to speculation that Bitcoin may be poised for a second bull run.
In the past week, many Bitcoin and Ethereum traders have bought in on the notion that the two coins could be headed for an explosive rally.
Ethereum is also one of the most valuable cryptocurrencies, which means that its price could skyrocket if a large amount of its value were to be released.
“There’s a lot going on with Bitcoin, but Bitcoin itself is not going to take off.
There is just not enough demand for Bitcoin,” Shng said.
“But the price can go up.”