The price of Bitcoin surged by 5% overnight in a new rise which saw it climbing it above the $7,700 level. After a relatively quiet Sunday trading where Bitcoin stayed between $7,400 and $7,500 – the new boost proved many that the past few weeks have been bullish for the largest flagship cryptocurrency.
When it comes to the actual reason about the boost, many analysts say that it is because of the investors taking their money out of other cryptocurrencies and sliding them into Bitcoin.
Other coins were still relatively low regarding their surge. Ethereum is right now trading at around $465 which is a mere 1% increase. Ripple and Litecoin remain relatively stable in the $0.46 and $86 levels respectively.
Some analysts predict a bullish forecast over the next couple of days and weeks for Bitcoin. However, a major sell-off of the largest cryptocurrency by market cap could indicate an opposite direction – despite the potential increase in volume.
Meanwhile, there could be another potential bullish setup that may see the Bitcoin rising to the next psychological target of $8,000. If that target is breached, analysts predict a quicker movement to the $10,000 level than expected. With this, Bitcoin may also drag other coins with it in a new surge.
Other altcoins which saw consistent gains over the past week also performed well over the weekend and on Monday.
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