I am sure you remember a time when Bitcoin started to drop in value. For quite a while, there was no sign that the value would rise. Investors couldn’t do anything but one: wait and watch. Surprisingly, though, Bitcoin’s value surged from under $4,000 to over $7,000
Bitcoin has breached the $7k mark, reaching $7,880 at one point with over 10 percent gains. The greens have been dominating the crypto space as the top cryptos rise between the range of 5 and 10 percent.
Bitcoin hits $7,000 in less than two hours as the entire market sees a wave of bullish momentum. At the time of writing, Bitcoin has been sitting at $7,170 as per TradingView. Today’s price range has been a really wild one between $6,294 and $7,788. However, soon after prices have started to take a drop.
That a whopping 10% hike in the value/price of the coin. And at the time of this writing, the total trading volume of the coin is around the $4.6 billion USD mark.
Bitcoin leapt from $6,222 earlier today to early highs of $6,732, according to CoinDesk data, adding almost $10 billion to bitcoin’s market capitalization in a matter of minutes. On some exchanges, including the Hong Kong-based Bitfinex exchange where bitcoin often trades at a premium, the bitcoin price climbed to over $7,000.
The sudden rise in the bitcoin price this morning was signaled by a sell-off of the dollar-linked tether digital coin — the only cryptocurrency which is down today, according to CoinMarketCap data.
The sudden influx of tether sellers could have likely pushed down the price of the currency and pushed up the value of Bitcoin by up to 10% within the hour.
Still, on major fiat-to-crypto exchanges, the price of BTC surpassed the $6,700 mark, eyeing a breakout above $6,800, a resistance level which billionaire investor Mike Novogratz has observed since early August.
But, many analysts in the cryptocurrency market believe that algorithms in Asia have started to inject large amounts of cash into major cryptocurrencies, and the drop in the price of Tether is merely a coincidence.
In the same report, whether the price of Bitcoin increased due to influx in tether sellers seems to be quite less significant.
We are not sure if this value will increase, remain stable, or fall again soon afterwards. The crypto market itself is volatile, so Bitcoin is not an exception here.