Bitcoin price finally broke through the $8,000 margin, which was a figure no one expected it would exceed this month. On top of this, Bitcoin going over $8,000 is a new high for the flagship cryptocurrency over the past 2 months.
The price of the largest cryptocurrency initiated its climb over $200 in the early hours of Tuesday, hitting a high of $8,043 on Bitfinex and posting a new record.
Currently, Bitcoin is trading at around $8,100 and is apparently continuing the bullish sentiment. According to analysts, breaking the major resistance level at $7,800 was the point when Bitcoin found important – and the key support level right now is predicted at $8,000.
The key in this surge is the increased daily trading volumes that Bitcoin had over the past couple of days. According to data from Bitfinex, the flagship cryptocurrency showed over $350 million in the BTC/USD trading pair over 24 hours.
Bitcoin’s gains also coincide with the dominance of the cryptocurrency in market capitalization across the ecosystem. Now, the cryptocurrency is standing at a new 2018 high of 47.5%. Even though Bitcoin is down over 50% from its all-time high of $17,200 this year – its value has gained nearly 20% in only a week.
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