Bitcoin roller coaster strikes $2,805, slumps to $2,307

Bitcoin prices have again been in flux this week, as the cryptocurrency soared to new heights before crashing to $300 a few hours later.

The digital currency crossed the $2,000 mark the past weekend and showed no signs of stopping. The charge continued throughout the week until yesterday when Bitcoin peaked at $2,805 and then slumped to $2,307.

Bitcoin prices have since stabilised, and sit at $2,600 at the time of writing. Altcoins have also been experiencing a boon on the back of the Bitcoin surge. Ethereum reached its own historic high of $228, before falling to a more modest $180.

Because of the climb by altcoins, Bitcoin is no longer accounts for the majority of market capitalisation for digital currencies. It now represents around 47% of all cryptocurrencies – earlier in the year that figure had been 80%.

Phenomenally high levels of trading from Asian countries has created the surge, with trading from that region amounting to almost $300 million per day.

Bitcoin could experience continued rises, according to analysts. Media attention and the removal of psychological barriers could push trading to greater heights.

Giving her all she’s got

Coinbase, the world’s most-funded Bitcoin exchange, was pulled offline by the latest surge in value. Users have been reporting issues with the service for most of week, but the issues peaked on Thursday evening. Both the Coinbase website and mobile app went dark due to “unprecedented” levels of trading and traffic.

Coinbase.com has suffered a few outages including degraded performance and deposit/withdrawal delays for some users,” the exchange told TechCrunch. “We are actively working on resolving these issues and restoring our site to normal performance.”

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