Bitcoin enjoyed some strong trading on Tuesday, as it managed to secure a decisive break above the $11,000 mark. Having opened at an intraday low of $11,007.20, the coin spent the entirety of the Tuesday session moving on an upward trajectory. BTC eventually finished the day at an intraday high of $11,790.92.
Bitcoin continued its advance during the early hours of today’s session, surging pat the $12,000 mark for the first time since January, 2018. The coin rose to as high as $12,867.79, before pulling back to lower levels. The Bitcoin price is now hovering around the $12,700 mark, according to data from digital currency tracker Coinmarketcap.
At current price levels, Bitcoin has more than tripled its value since the start of the year and is firmly on track for its fifth consecutive monthly gain. Major developments in the digital currency space, such as Facebook’s plan to launch its own cryptocurrency called Libra, have been among the catalysts for the current resurgence. In addition, the Bitcoin price is likely affected by the upcoming halvening of BTC mining rewards, which will take place roughly a year from now. By the end of May 2020, the reward for mining a block on the Bitcoin blockchain would be reduced to 6.25 BTC, tightening the Bitcoin supply.
“It’s the tightening of supply that forces the price upwards and the anticipation of less liquidity coming onto the market,” Charles Hayter, chief executive officer of digital currency comparison site CryptoCompare, recently told CNBC.
In today’s trading, the Bitcoin price stood at $12,707.00, as of 07:45 BST. The digital coin has gained 12.3% in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $225.9 billion, which represents 62% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
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