Bitcoin price SURGE: Why is BTC bouncing back today? Cryptocurrency market rising

BITCOIN is back in the green, with the BTC price up to nearly $8,500 and experts bullish about the months ahead. But why is bitcoin rising today?

After peaking at just over $20,000 at the end of last year, bitcoin has plummeted by about 57 percent to $8,400 today, according to CoinMarketCap.

The cryptocurrency’s market capitalisation now sits about about $143billion – a staggering $193.5billion less than its all time high.

But bitcoin has been creeping back up over the past two days – already rising more than 17 percent on yesterday’s low.

The CoinMarketCap live tracker below shows bitcoin’s price in real time.

Why is bitcoin rising today?

It is thought that bitcoin’s rejuvenation has been sparked by increased confidence in the market.

The cryptocurrency seems to have recovered from a spate of recent negative headlines and brushed off threats from governments that crypto trading could be banned or regulated.

Cameron Winklevoss, CEO of Gemini Exchange, now predicts bitcoin will grow up to 40 times in value and become more valuable than gold.

He told CNBC: “Taking bitcoin in isolation, putting all the other assets aside, we believe bitcoin disrupts gold.

“We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity.

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