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26 Dec, 2017 09:23

Bitcoin recovers from brutal sell-off that wiped out nearly half its value

 Bitcoin recovers from brutal sell-off that wiped out nearly half its value

The leading cryptocurrency bitcoin once again passed the $15,000 mark on Tuesday. It has been recovering from last week's sell-off, which sent prices below $11,000 after the $20,000 record.

Bitcoin was trading at $15,500 on Tuesday, up almost nine percent. Its market cap reached $260 billion with its share of the cryptocurrency market sliding to 44 percent, according to Coinmarketcap.

“There is no right current price which would reflect the right current valuation,” cryptocurrency expert Andrei Popescu told Reuters.

“Taking profit is right while buying into a long-term projection is also right. You don’t have to be right in this market, just less wrong than the rest,” Popescu said.

Cryptocurrency entrepreneur Julian Hosp has predicted bitcoin will reach a new record high, but not before another price crash.

"I think we're going to see bitcoin hitting the $60,000 mark, but I also think we're going to see bitcoin hitting the $5,000 mark," Hosp told CNBC.

"The question is though, 'Which one is it going to hit first?" he said.

Hosp said the market anticipated the recent drop in prices, and it gave an opportunity to buy bitcoin at a discount.

"This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs," he said.

"I don't think crypto winter is going to come in the next couple of months, but I think if we look down one to two years, there is definitely going to be a big compression in the market," Hosp added.