Newsflash: Bitcoin Price Breaks Beyond $8,000 to Hit Two-Month High

July 24, 2018 9:16 AM UTC

Bitcoin price is now trading above $8,000, a figure unseen in over 60 days.

The price of the world’s first and largest cryptocurrency spiked over $200 in the early trading hours of Tuesday (UTC) to hit a high of $8,043 (Bitfinex), a figure unseen since trading levels on May 22.

At press time, bitcoin is trading to the dollar at $8,018 after days of sustained momentum that sees the value of the cryptocurrency make gains after hitting a 2018-low of $5,755 on June 24, a month ago to the day.

As reported by CCN.com yesterday, the bullish sentiment follows breaking a major resistance level at $7,800 and it remains to be seen if bitcoin can find $8,000 as a key support level in the short-term.

Key to bitcoin’s resurgence is the uptick in daily trading volumes with data from Bitfinex showing over $350 million in the BTC/USD trading pair over a 24-hour period.

Bitcoin’s gains also coincide with its dominance in market capitalization across the cryptocurrency ecosystem, now standing at a new 2018-high of 47.5%. While bitcoin is still down over 50 percent from 2018’s high above $17,200 in January, its value has gained nearly 20% in a 7-day trading period.

Click here for a real-time bitcoin price chart.

Featured image from Shutterstock.

Last modified: May 20, 2020 6:22 PM UTC

@sambdas

Samburaj is the Chief Editor of CCN.com, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here or his Muck Rack profile here. Samburaj Das is a Trusted Journalist.