Expert explains theories behind Bitcoin surge...
Bitcoin prices reaches reached £7,529.77 ($10,009) on the CEX trading platform earlier today, before slightly dipping in value.
Since the start of the year, the cryptocurrency has achieved the incredible feat of increasing more than 1,000 per cent in value.
But despite the incredible growth, economists are still apprehensive of the tokens inherent volatility and signs it could be a price bubble.
Just two weeks ago, bitcoin investors took a hit when the tokens prices plummeted over 20 per cent before bouncing back.
This basically revolves around the Supply and Demand rule. BTC has limited numbers worldwide and the demand is so high that one satoshi (a very small portion of BTC) is already worth a lot. a large number of people are interested in getting BTC all over the world and its affecting the demand rate.