The original cryptocurrency, Bitcoin (BTC), had a largely positive trading session yesterday, as it made a couple of big moves that lifted its price to an eight-day high. The digital currency’s first big price jump happened during the opening hours of the session, when the coin rose to around $8,050, from its opening level of $7,925.43. This uptick seemed to be just a temporary spike, however, as the coin swiftly pulled back to sub-$8,000 levels.
After spending several hours in the $7,950-$8,000 range, the cryptocurrency experienced another big surge during the early afternoon session, which allowed the coin to break above the $8,100 mark. BTC rose to as high as $8,196.65, which was its highest price level since June 4. This time the coin was able to defend most of its gains and finished the day at $8,145.86.
Breaking out?
While BTC has experienced some negative price action today, especially in early trading when it fell to an intraday low of $8,087.38, its performance has, for the most part, been stable. At the time of writing, the Bitcoin price was hovering just above the $8,100 mark, according to data from digital currency tracker Coinmarketcap.
Yesterday’s rise was somewhat unexpected, as it came amid what appeared to be waning bull sentiment. Bitcoin had spent the previous seven days trading in the $7,500-$8,100 range, unable to secure a decisive breakout. It remains to be seen whether the most recent uptick could spark a meaningful rally above the $8,100 level.
In today’s trading, the Bitcoin price stood at $8,109.42, as of 11:04 BST. The digital currency has gained 1.6% in the past 24 hours. The coin’s total market capitalisaition currently stands at almost $144 billion, which represents 55.1% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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