Bitcoin Price Continues Upward Momentum To Reach $8,000 Mark

Article by · July 24, 2018 ·

Data shows that for the first time in two months, Bitcoin’s price has climbed back above $8,000.

Report shows that according to CoinDesk’s Bitcoin Price Index, the price of Bitcoin has shot up by $200 on Wednesday within two hours and as of press time, is changing hands at $8,015 a level that has not been seen since May 24.

Surely, the price of world’s largest cryptocurrency by market capitalization, Bitcoin had been decreasing since May 24 and got to a new year-low at $5,785 on June 24, after which it got back its momentum to climb above $8,000, approximately showing 40 percent increase since its recent low.

According to data obtained from Bitfinex, the trading volume of bitcoin has more than half increased on the same trading day, having raised from $4.9 million to $12.6 million in less than four hours on the exchange.

Which said, the price of bitcoin still down nearly 53 percent from this year’s high above $17,000 as evident in January.

However, data reveals that bitcoin’s market capitalization supremacy has also multiplied reasonably for the past two months.

According to the report, bitcoin recorded for 37 percent of the total cryptocurrency market capitalization in mid-May. Still, as of press time, the data has increased to 47 percent, forcing bitcoin’s market capitalization supremacy to move to a level not seen since late December.

However, Bitcoin remains the only top 10 cryptocurrencies by market capitalization that is witnessing an increase within the past 24 hours whereas the other major cryptos are all experiencing a price decrease by one to five percent respectively.

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