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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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