Bitcoin broke above $ 8,000 for the first time since May, following a remarkable reversal of fortunes that saw the cryptocurrency’s value rise by more than 30% in the space of two weeks.
Other major cryptocurrencies, including Ethereum, Ripple, and EOS, thwarted the usual protocol by failing to reflect Bitcoin market movements. Only bitcoin cash – itself a spin-off from bitcoin – has followed suit with a 5% increase in the past 24 hours.
Bitcoin’s latest price gains mark a month of steady resurgence, which followed the worst start in Bitcoin history in a year. Its latest price is still a far cry from the highs of 2017, which saw it briefly hit nearly $ 20,000 amid remarkable enthusiasm for digital currency.
Analysts said the positive news has helped boost bitcoin’s momentum, which in itself will lead to more good news for the cryptocurrency space.
“These are extremely exciting times for cryptocurrencies and blockchain technology with increased interest from Tier 1 banks and financial institutions,” said David Sapper, COO of Blockbid. The independent.
“While it will take time for these companies to implement their cryptocurrency plans, the positive news in the cryptocurrency sphere will benefit the market and raise prices as seen with Bitcoin over the course of of the past seven days. As cryptocurrencies develop and begin to take more of the market when it comes to trading, more and more of these financial institutions will be looking to see how they can capitalize on the growing market. crypto-currencies. “
Some experts have even predicted that the latest good fortune could push bitcoin back above $ 10,000.
“By breaking through these key barriers of resistance, it would appear that history is not repeating itself and that there is real force in the movement,” said Matthew Newton, analyst at the eToro trading platform. “If bitcoin can close above $ 8,000 today, we could assume we can have a good run towards $ 10,000.
Analysis from the comparison platform Finder.com also suggests that the increase in transaction volumes could be behind the recovery.
“The total volume traded in cryptocurrencies over the past seven days was $ 105.5 billion, compared to $ 81.7 billion [last week]. This is a 29% increase week-over-week, ”the company said in an email to The independent.
“Of the top five coins in terms of transaction volume, bitcoin cash and bitcoin grew the most, increasing by 77% and 33% respectively.”