The Bitcoin rally continues past $18,000 with strength for even more movement to the upside, marking an overall weekly increase of $0.74. In today’s latest bitcoin price news, we are reading more about the analysis.
The bitcoin rally continues as the price hit $18,000 today, marking an increase of 5% in the past 24hours. The charts show that BTC increased by 0.74% over the past week and ended the week at a slightly better place than it started. At this level of $18,000, the price is less likely to crash, compared to the previous week when the benchmark cryptocurrency went through a meltdown and crashed by $3000 in one day.
Bitcoin’s dropping price led to a huge sell-off the next day and the number of “wholecoiners” addresses that hold at least on BTC dropped by 1000. Today, the leveling-off continued the rally that lasted for a few days and the price started picking up from the lows of $16,700 to $18,000 as of today.
The real spectacle actually lies in the monthly price performance since BTC went from $10,500 to almost $20,000 and now, the 24-hour trading volume hit $36 billion which marks an 8% increase from yesterday. The global crypto market cap reached $537 billion which is an increase of 5% in the past day while BTC accounts for 62% of it. Other crypto assets in the top three are on the rise and even performed better than BTC. Ethereum for example hit a price of $551 and a daily increase of 6%. XRP still rides the wave of the market rally and reached a $0.61 price level with an increase of 9.46% in the past 24hours. Ripple’s XRP increased by 44.4% this week while Bitcoin’s price still settles at around $18,000.
Also, The historic BTC charts suggest that the latest 2020 bull run for bitcoin is just starting as history repeats itself. The similarity brought up by a crypto analyst showed there’s a compelling bullish cycle where BTC’s price hasn’t reached its peak yet. The well-known crypto advocate CryptoBull, made an interesting comparison between the price performance of BTC from the end of 2013 when it hit $1,160 to when it reached $20,000 in 2017. The historic BTC charts show that the bull run will last longer and given that we are a few months after the last halving, the charts show that the current bull run will likely extend in 2021 and will surpass its all-time high. One thing that is slightly different was the overall awareness of investigators and the institutional involvement and bigger players in the market.
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