Stock Market

Bitcoin hit a one-month high while experts advise to proceed with caution as a volatile market looms

Bitcoin

The bitcoin price hit another one-month high after a rally, despite a crackdown on bitcoin in China.

Bitcoin were hawking over the weekend to hit a one-month high despite experts warning of a possible volatile in the upcoming event for the cryptocurrency. The digital currency hit a high of $4,867 on Monday, which is its highest since September and before the government of China banned cryptocurrency trading in the country.

Bitcoin was last seen trading with an increase of 5 percent in the session to trade at $4,821.

The digital currency has a market capitalization of $80 billion while most prices of major digital currencies decline. Ethereum was down by 4 percent to trade at $296. The bitcoin outperformed bitcoin cash and was one of the biggest decliners in the session which fell by nearly 13 percent, and was traded at $304.

Bitcoin has had a rocks few weeks, but later regained losses, bitcoin held 51.5 percent of the total market capitalization of all digital currencies, which was up from around 46 percent.

Earlier this year, Japan legalized bitcoin, with major retailers beginning to accept it as a form of payment. Institutional investors are also beginning to look at bitcoin more seriously. Goldman Sachs is considering the launch of a new trading operation focused on bitcoin and other digital currencies.

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