Bitcoin (BTC) enjoyed some strong positive price action over the weekend, especially on Saturday, when it moved within striking distance of $11,000 mark. Having opened the Saturday session at $10,519.28, the digital coin rose to as high as $10,946.78, before finishing the day at $10,821.73.
BTC experienced some pullback on Sunday morning, as its price tumbled towards the $10,600 mark. However, the coin’s performance improved in the afternoon allowing BTC to erase its early loses. In late trading, the coin hit a 15-day high of $11,009.21 and eventually closed the session at $10,970.18.
The coin has managed to advance further in today’s morning session and is now approaching the next major barrier. Earlier today, the coin was trading at $11,778.16, which was its highest price level since July 13. At the time of writing, the Bitcoin price was hovering around the $11,720 level, according to data from digital currency tracker Coinmarketcap.
Some experts have suggested that geopolitical tensions, such as the ongoing trading war between the US and China may be boosting the cryptocurrency’s appeal as a store of value.
“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such a bad idea,” Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital told Bloomberg. “Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”
Charles Yang, head trader at Hong Kong-based over-the-counter digital-asset trading firm Genesis Block said that BTC should test $12,000 soon. “This is, of course, assuming we believe macro issues actually drive Bitcoin,” he added.
In today’ trading, the Bitcoin price stood at $11,720.20, as of 10:45 BST. The digital coin has gained 9.4% in the past 24 hours. The coin’s total market capitalisation currently stands at $209.3 billion, which represents 67.8% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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