The Bitcoin price (BTC/USD) has seen solid gains after it managed to retake the $11,000 level on Monday afternoon.
The original cryptocurrency enjoyed some positive price action yesterday, which allowed it to clinch its first close above $11,000 since March 5, 2018. Having opened the session at $10,853.74, the digital coin tumbled to an intraday low of $10,610.43 during early trading. However, the coin managed to rally in subsequent trading and get itself in a position to challenge the $10,000 level. The coin recaptured the level during the afternoon, rising to as high as $11,065.90. BTC eventually closed the session at $11,011.10.
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While Bitcoin’s Monday advance didn’t quite reach the highs seen over the weekend, the close above $11,000 suggested that it might have enough momentum to continue its run on Tuesday. BTC has been able to capitalise on its positive position during today’s morning session, with its price rising to as high as $11,366.19. This was Bitcoin’s highest price level since March 6, 2016. The coin has since pulled back to slightly lower levels and is currently hovering around the $11,300 mark, according to data from digital currency tracker Coinmarketcap.
Following its latest rally, Bitcoin seems to be set firmly on the path towards a fifth consecutive monthly gain. At the same time, the digital coin is on track to score its best second quarter ever, industry website Coindesk has noted. Having opened at $4,105.46 on April 1, the coin has gained over 175% so far this quarter. This is also Bitcoin’s largest quarterly gain since the final quarter of 2017.
In today’s trading, the Bitcoin price stood at $11,298.49, as of 10:26 BST. The digital currency has gained 3.9% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $200.9 billion, which represents 59.8% of the combined value of the digital currency market.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
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