Bitcoin just saw a glimmer of hope after weeks of despair. Its price skyrocketed more than $1,000 over the course of an hour earlier this morning.
Yesterday, it bottomed out at around $6,787. Then, at around 7 a.m. ET, the price began to rise. Bitcoin’s price peaked at around $8,034. It’s since dropped a bit, but leveled out at around $7,623.
It’s unclear what drove this rise–although some reports speculated that short sellers were the cause, and that the surge was the result of the price dropping below $6,000.
With bitcoin’s value dropping over the last few months, many have assumed that the cryptocurrency bubble has finally burst. Lest we forget last year when its value exceeded $19,000.
Meanwhile, other cryptocurrencies are seeing a surge, too. CNBC reports that the lesser-known coin eos has surged past litecoin to be the cryptocurrency with the fifth-largest market capitalization. And, of course, the prices will surely continue to fluctuate–so who knows what tomorrow will bring!