The Bitcoin price (BTC/USD) has seen significant gains after reclaiming the $6,000 mark in late Friday trading.
Having fallen to a five-day low of $5,835.75 on Friday, the original cryptocurrency made a late comeback to finish the session at $6,218.30. The digital coin not only managed to defend the $6,000 level over the weekend, but it extended its gains, breaking above the $6,400 barrier on Saturday. Despite this positive momentum, the coin did experience some difficulties during the Sunday session, which resulted in a close of $6,385.82, lower than its opening level of $6,411.68.
Bitcoin pulled further back in the early hours of today’s session, with its price hitting an intraday low of $6,305.70. The coin has since rebounded and is currently trading around the $6,350 mark, according to data from cryptocurrency tracker Coinmarketcap.
While Bitcoin and the wider cryptocurrency have suffered heavy losses in the first half of 2018, the co-founder and chief executive officer of crypto exchange BitMEX, Arthur Hayes believes that the No. 1 digital coin could revisit its 2017 highs, or even go much higher, by the end of the year.
“We could definitely find a bottom in the $3,000 to $5,000 range,” he said during an appearance on CNBC’s TV programme on Friday. “But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
In today’s trading, the Bitcoin price stood at $6,348.68, as of 10:37 BST. The digital coin has lost 0.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s market capitalisation currently stands at $108.7 billion, which represents 42.5% of the total value of all digital currencies.