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Bitcoin price up 11 percent in just 12 hours after a dramatic sell-off


A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England.

Dan Kitwood | Getty Images

A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England.

Bitcoin rallied more than 11 percent 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 11:50 a.m. GMT (6:50 a.m. ET), according to data from industry website CoinDesk. This marks a nearly 12 percent 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 November 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.

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