Bitcoin clears $16,000

pulse

December 26, 2017 5:47 PM

The red-hot coin is climbing out of its holiday season slump.

Bitcoin cleared $16,000 Tuesday after a rough week for the digital coin.
It was trading up 15% at $16,026 a coin at 11:53 a.m. ET,

Bitcoin climbed back over $16,000 a coin after a holiday season slump.

The second half of December was a tough one for the red-hot cryptocurrency.

After hitting an all-time high above $19,500 on December 17, the digital coin witnessed one of its most dramatic downturns in 2017. It bottomed out on December 22 at $10,834, according to data from cryptocurrency watcher CoinDesk.

But it was trading in the green Tuesday morning at $16,026, up 15% against the US dollar.

raising his mid-2018 target to $20,000 from $11,500. He estimates that fair value for bitcoin is $19,103, or about 26% above its current levels.

As for the correction, economist and Bloomberg View columnist

bsent this, not even the deep commitment of true believers will be enough to protect individual retail investors who would end up experiencing a price appreciation and collapse that would rival even the biggest investment bubbles in history," he wrote.

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