The price of Bitcoin, the largest cryptocurrency by market cap, recently surged for a couple of percents in only a few hours. From $7,030 which was the level where Bitcoin was trading most of the day – the flagship cryptocurrency started rising and reached $7,200.
This brought the entire market cap to the upside. Most of the altcoins including NEO, Litecoin, EOS, VeChain, Tron, Qtum and Bitcoin Cash, on the other hand, recorded 5% to 15% gains in the past 30 minutes which is why many analysts are asking where the newly found momentum came from.
However, the $7,200 scenario was predicted by some technical analysts in the crypto community earlier this week – as crucial for initiating a new short-term rally. Speaking of, the reason why $7,200 is a crucial level is simple – many people thought that Bitcoin would fall to $6,000 now and maintain the price in that margin.
However, the stability that Bitcoin shows throughout this month is crucial to acknowledge – as August is the most stable month in the past 14 months for the largest cryptocurrency by market cap. Stability is definitely required for a major trend reversal and if Bitcoin can sustain it, analysts say that a major mid-term rally will definitely come by the end of this year.
Meanwhile, other tokens such as Ontology, ICON, VeChain, Tron and 0x are also starting to pick up volume and momentum – which is definitely good news for investors and token holders.
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