The flagship cryptocurrency endured a calamitous 2018, which saw over 7,500 pounds erased from its value in just 12 months. This crypto crash, known as the bitcoin bubble, has led some analysts to wonder if the digital asset even had a future. But the price of bitcoin, which in recent weeks had been less than £ 3,000 ($ 3,750), has gained value after the peak in trading volume, according to CoinDesk.com.
Despite having a daily trading volume of billions of dollars, bitcoin continues to experience volatile price fluctuations.
It is thought that these fluctuations are caused by players of large amounts of bitcoins that send large amounts of crypts above or below the current market value.
A so-called bitcoin whale has transferred around $ 10 million bitcoins to the Bitstamp plant based in Luxembourg.
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This move pushed the daily bitcoin volume above $ 5 billion, a high of 2019.
And where the bitcoin goes, other criptos follow, while the ripple has increased the gain by almost five percent and ethereum has seen a two percent jump in 24 hours.
Mati Greenspan, senior market analyst at the eToro brokerage firm, said: "A 6.5% hike in 30 minutes is not entirely rare for bitcoins and could be caused by a single large order on the stock exchange or also by a lack of liquidity in the market.
"The interesting thing about this move is that it brought us above the $ 4000 level and so far it's holding on to gains."
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Crypto across the board is seeing a positive moment with litecoin, NEO and Cardano at the top of the top 25.
The total market capitalization of all cryptocurrencies is £ 4.80 billion ($ 6.1 billion) compared to yesterday's first $ 132 billion and is currently just over £ 108 billion ($ 138 billion).
In further good news for the nascent cryptographic industry, CoinFlex – a former subsidiary of the bitcoin exchange Coinfloor, has announced plans to offer physical bitcoin futures to Asian investors since February.
CoinFlex's move puts it in direct competition with the New York Stock Exchange and Eris Exchange, with both immense expectations of offering similar offers.
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Bitcoin physical futures are considered crucial in solving market manipulation.
Some industry insiders believe that cash-settled contracts leave unregulated bitcoin and cryptocurrency markets open to misuse.
Mark Lamb CoinFlex CEO and co-founder of CoinFloor has revealed that his company will offer futures contracts for bitcoins, bitcoins cash and ethereum that can be used up to 20 times.
"Cryptographic derivatives could become an order of magnitude bigger than the spot markets and the main thing that would stop this growth is the lack of physical delivery," Lamb said.
"Volumes are reduced due to a problem of trust when it comes to cash settled transactions".