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