BERLIN, GERMANY – DECEMBER 06: A close-up view of an illustration model of a Bitcoin is seen on December 6, 2013 in Berlin, Germany. Central bankers around the world have warned about the virtual currency bitcoin. Prices have soared as more merchants accept it as payment and investors are pouring money into new bitcoin-related ventures. (Photo by Thomas Trutschel/Photothek via Getty Images)

 

The price of Bitcoin has shot past the critical $10,000 mark following a dreadful week which saw its price collapse dramatically. One Bitcoin is worth about $10,170 at the time of writing and appears to be on an upwards trajectory. LiteCoin, Ripple and Ethereum are also bouncing back along with many other major cryptocurrencies. The price rally comes after the crypto exchange Coinbase introduced support for Bitcoin Segregated Witness (SegWit) payments, which makes transactions faster and cheaper. One bitcoin was worth almost $20,000 in December, up by about 1,900 percent from the start of 2017. But since then it has plunged by up to 70 percent from its peak.

Other coins made even bigger gains and experienced equally dizzying drops over that time frame. ‘There was that two-month period last year where all the virtual currencies kept going and up and I had a couple of friends that had invested and they had made five-figure returns,’ said Michael Brown, a research analyst in New Jersey, who said he bought around $1,000 worth of Ethereum’s Ether in December.

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