Bitcoin's price deluged on 11th October during a sharp change in market confidence, at least that is how analysts call it.
The cryptocurrency rose to a peak of $639,97, which is around 4% higher than the daily low of $615,87. Even though this is not an astonishing increase, the advancement came after several weeks where bitcoin traded in a tight range after the hack of Hong Kong exchange Bitfinex.
Petar Zivkovski, director of operations for bitcoin trading platform Whaleclub said the market is recovering on stronger liquidity. Zivkovski added: “This rise is perhaps a testament to a return to stronger confidence.”