Just in time for the holidays, the price of bitcoin is rebounding from its recent decline. From a low of $3,600 in November, bitcoin surpassed the $4,000 mark in the first week of December.
Despite the previous collapse, this rebound hints at the bullish phase that analysts have long predicted. These rapid gains are a testament to the enduring appeal of the original crypto-currency to investors and crypto-currency miners.
Analysts believe that the recent unprofitability of bitcoin mining may have contributed to the drop. However, more efficient mining devices and lower crypto-currency prices are helping to reduce miners' losses, said Sam Doctor, head of data science at Fundstrat Global Advisors.
Bitcoin's rebound comes in the wake of its hardfork, a "civil war" between developers who couldn't agree on the direction of the crypto-currency. The result was Bitcoin Cash, which led to an initial sell-off that sent the price of Bitcoin plummeting. However, a week later, investors are returning with confidence to a market that is more diverse, robust and profitable than ever before.
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