Bitcoin prices rose sharply today, climbing past $7,000 and rising to their highest since June as strong momentum drove gains.
The digital currency's price hit $7,440.25 on the CoinDesk Bitcoin Price Index (BPI), up 11.7% gain from the daily low of $6,663.03.
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Bitcoin surge: multiple factors contributing to the rally?What factors make Bitcoin rise again? Will it continue to rise?
While many people may post that Bitcoins sudden rise in Price may be due to increasing demand and limited supply of the coin in the cryptospace, I am of the view that, demand and supply actually has less significant effect on the increase price of the coin.
In my opinion, i believe Bitcoin price is largely manipulated by Bitcoin internal governance. A typical look at the price graph of the coin will give you a deeper understanding of how the internal government of Bitcoin manipulated the price to stir the spirit of investment and make the coin more desirable.
Obviously they decide when to bring the price of the coin down or send the price up. Their influence on the market price of the coin, i think is actually the only reason or factor that cause Bitcoin prices rises at a particular period of the year and depreciates.