The price of bitcoin increases by $ 1,000 to put in place a remarkable recovery after the collapse of year-end prices

Several leading cryptocurrencies have risen by more than 20% in the last 24 hours, as bitcoins continue to lead a market recovery following heavy losses in 2018.

Ripple, the second most valuable cryptocurrency in the world, recorded the largest gains, rising 28% to its highest price since mid-November.

The resurgence of Bitcoin saw it rise by more than $ 1,000 (£ 790) within a week, after touching a minimum of $ 3,250 on December 17.

"What a difference it does a week, seven days ago things did not seem to have made it much worse for the crypto markets as we crawled towards the end of 2018, not looking forward to getting behind it," said David Thomas, director of a Mayfair cryptocurrency broker. L & # 39; Independent.

"However, it seems that the" Santa Claus rally ", as some have called, was well and truly with an increase of 22% and 71% in the price for bitcoin and ethereum respectively in the last week."

The rise in the cryptocurrency market is in stark contrast to the US stock market, with the Dow Jones Industrial Average recording its heaviest seven-day loss since the 2008 financial crisis.

But despite the latest gains, the bitcoin is still trading at only a fraction of its 2017 price, which reached nearly $ 20,000 last December. The dramatic decline led analysts to suggest that last year's price was the result of a too inflated bubble.

At less than 10 years, bitcoin price volatility can also be attributed to the birth of the market, which some cryptocurrency experts say still have great potential.

"As for the price of the bitcoin, I think we approached the possible lows after a tumultuous 2018, and we are observing a strong race with the" pack "mentality before the new year as in this period of time. 39; last year, "said blockchain consultant Oliver Isaacs.

"Any new and revolutionary technology like bitcoin moves with immense volatility due to the thin trading volumes as a result of the fact that there are still tens of millions of users in the system.It is clear to me that digital resources will survive and they will be very relevant in an increasingly digital world ".

Other industry experts are less optimistic about the future of the cryptocurrency market, some suggest the market is not yet at a minimum.

"I do not think this is the end of a [downward] trend. At least not yet, "said Andrey Alekhin, CEO of the company blockchain Snark.art.

"As a result of a steady decline in the encrypted markets, many blockchain start-ups have reduced their business or even left the market entirely.The startups that liquidate their positions in the crypt to survive will continue for some time, as well as the market bear [in which share prices are falling]".