Bitcoin, which has been on a rampaging bull run over recent weeks, has again powered higher, jumping over the psychological $9,000 mark for the second time this week—though it failed to hold onto the gains.
The bitcoin price, reaching highs of $9,097 per bitcoin on the Luxembourg-based Bitstamp exchange, moved south again rapidly after spiking higher.
Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to so-called market whales moving large volumes of bitcoin at above or below the current market value.
The sudden rise, and subsequent retreat, in the bitcoin price comes after a widely read Forbes report suggesting the ongoing U.S China trade war could eventually cause bitcoin, ethereum, and other major cryptocurrencies to rise.
Ethereum, meanwhile, has been surging over the last 24 hour trading period, up 6%, boosted by a significant increase in the number of daily transactions on its network.
Ethereum transactions have surged to their highest level since early February 2018, according to reports, while activity level on the ethereum blockchain is nearing levels last seen when the ethereum price was at its all-time highs in January 2018.
Elsewhere, Jehan Chu, co-founder and managing partner at fund management firm Kenetic Capital, said he thinks the ethereum blockchain is leading the way for the rest of the market.
“From a utility standpoint, we’re seeing ethereum as the lead,” Chu told Bloomberg, a financial newswire, adding he sees bitcoin reach a whopping $30,000 per bitcoin before the end of the year.
“The rate of…