Bitcoin price hits new 2019 high as cryptocurrency market continues surge

The price of bitcoin has hit its highest level since May 2018, as the cryptocurrency‘s remarkable surge shows no signs of coming to an end.

Bitcoin passed $9,000 on Sunday, having begun 2019 trading well below $4,000. Its price at the time of writing is $9,265, up nearly 20 per cent from one week ago.

Market analysts suggest the recent rumours that Facebook is about to launch its own cryptocurrency have helped fuel the cryptocurrency’s resurgence, with litecoin, ethereum and other virtual currencies also experiencing a revival.

“Facebook’s entry into the crypto space perhaps signifies the biggest potential for currenciesm capable of reaching into billions, and therefore indicates an upcoming shift in finance.”

The world’s most valuable cryptocurrency remains a long way off its peak price of close to $20,000, which it reached in late 2017. However, some experts predict its price could stretch beyond that before 2020 given its recent form.

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