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Bitcoin Regains Momentum After Hitting Three-Day Decline
Bitcoin regained its ground following it sustained huge losses last week, as investors ditched their digital currency holdings on apprehensions about its future.
The virtual currency stood at almost $1,050 on Monday, up 2.5%. It touched an all-time peak of $1,350 on March 10 on speculation that authorities could authorize the first bitcoin-focused exchange-traded fund the following. However, the cryptocurrency dropped back.
Bitcoin's slump started accelerating Thursday and touched a five-week low of $944.36 Saturday. The digital currency somewhat recuperated Sunday.
Experts pointed out its steep decline by long-standing and escalating dispute over the limit of a block, or the size of dealings which the bitcoin system should process to avoid delays.
They also attributed it to the rise of Ethereum, a project which some experts say has more potential than bitcoin. This currency has nearly tripled its value this month, climbing to record highs of about $45.
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