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Is bitcoin’s 2020 rally another flash in the pan? – Source Reuters Tech News

LONDON (Reuters) – Crypto analysts are split on whether bitcoin’s rise this year is driven by unique factors or is just its latest bout of volatility. But many agree on one factor: an upcoming cut to the supply of bitcoin.

, Is bitcoin’s 2020 rally another flash in the pan? – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing

FILE PHOTO: Representations of virtual currency Bitcoin and U.S. dollar banknotes are seen in this picture illustration taken January 27, 2020. REUTERS/Dado Ruvic//File Photo

Bitcoin has soared by almost half this year, to more than $10,000, for the first time since October. On Tuesday it hit its highest in five months.

The cryptocurrency’s 11-year history is replete with fast ascents and equally rapid plunges. In late 2017, it rose three and a half times in just 35 days to reach almost $20,000. It then slumped 70% in seven weeks.

Such wild and often inexplicable swings are why bitcoin faces a struggle to become a functioning currency.

This time around, some market players point to a confluence of drivers not seen before. Arcane tech factors, expectations…

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Source Reuters Tech News

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