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Bitcoin expert and UK Managing Director at Etoro, Iqbal Gandham, said the cryptocurrency is likely to see a surge due to a better understanding of the underlying technology involved in the digital asset. Bitcoin price stood at $4,012.08 at 17:30 (GMT) on Monday, according to coinbase. It saw its highest value before Christmas 2017 when it reached the monumental price of just under $20,000. Speaking on Sky News, Mr Gandham said: “Bitcoin is the so-called 'daddy' of the crypto-asset market.

Bitcoin is the so-called 'daddy' of the crypto-asset market Iqbal Gandham

“It is just as other companies are dragged down by stocks performing in the FTSE 100, whether they are positive or negative, people look at bitcoin as a bit of an index.” He explained why he thought bitcoin price dropped at the start of 2018. Mr Gandham said: “I don’t think it is interest rates but I think in November 2017 the price was $8,000. “So from $8,000 to $4,000 – that’s a 50 percent decline. But from $20,000 I think there was momentum-driven pricing in December. And I think that momentum was a bit too quick.” The cryptocurrency expert then insisted “underlying technology” will be the reason bitcoin’s price rallies this year.

Bitcoin price news: Expert says "underlying technology" could leader to price surge

He said: “If you have a look at the amount of developers and the development happening in the underlying blockchain technology and also bitcoin, it is increasing. It hasn’t declined. “And I think if people understand the technology rather than just view the price point – they will understand that this is not something that is just going to go away.” But some cryptocurrency experts have had more modest forecasts for bitcoin in 2019. Calvin Ayre, who is founder of Bitcoin Cash and now the face of Bitcoin SV, believes Bitcoin will plummet to zero in 2019.