Bitcoin rallied more than 11% in just over half a day on Monday, following a dramatic plunge in the cryptocurrency over the weekend.
The digital currency started trading at $5,857.32 on Monday and rose to $6,545.20 by 6:50 a.m. ET, according to data from industry website CoinDesk. This marks a nearly 12% increase in the price.
Bitcoin's market capitalization, or the total value of all the virtual coins in circulation, rose over $10 billion in the same time period, according to industry website Coinmarketcap.com.
Just last week, bitcoin hit a record high of $7,879.06 that was attributed to factors including CME Group announcing plans to offer bitcoin futures contracts, and some favorable regulation in countries like Japan, which has legalized bitcoin as a method of payment.
The bitcoin network was also due to undergo an upgrade called SegWit2x, which was initially planned for Nov. 16. Its aim was to increase the transactions speed of the bitcoin network. But support for the upgrade has waned causing developers to call off its planned implementation.
This appeared to be the catalyst for the sell-off that began Friday.
Earlier this year, bitcoin's underlying blockchain technology split in a process known as a "hard fork." This happened twice, causing the creation of two new cryptocurrencies: bitcoin cash and bitcoin gold.
Bitcoin cash saw a huge spike as bitcoin sold off with many investors betting that this could be a viable alternative. Bitcoin cash, however, also fell from an all-time high of $2,446.31 on Sunday to $1135.32 on Monday, according to Coinmarketcap.com.
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