Back Above $4k: Bitcoin’s Price Jumps to a Two-Month High
Bitcoin’s price climbed back above $4,000 on Saturday for the first time over over two months as the broader cryptocurrency market flashed green.
At 18:00 UTC on Saturday, the world’s largest cryptocurrency by market capitalization surpassed the $4,000 mark to ultimately reach $4,146 – its highest price since Dec. 24 of last year, according to pricing data from CoinDesk.
Bitcoin’s price has since pulled back slightly, now trading at $4,104, but current figures still represent a considerable 20 percent increase since the beginning of the month.
Bitcoin is usually accompanied by the broader cryptocurrency market when its picks up a strong bid and the developments on Saturday were no exception.
As a result, many other well known cryptocurrencies we able to record notable gains. Names like NEO, QTUM, and NEM have all appreciated more than 9 percent in the past 24-hours.
Meanwhile, lesser known cryptocurrencies out of the world’s 100 largest are flashing even more impressive price growth, including NEXO and S4FE (S4F), who are up 24 and 78 percent at press time, according to data from Coinmarketcap.
The capitalization of the entire cryptocurrency market has increased 16 percent over the past seven days to reach it highest value in over eight weeks of $141 billion. Also of note, the global weekly cryptocurrency trading volume is currently registering $176 billion, which is its most in a single week since the first week in May of 2018, Coinmarketcap data further reveals.
Disclosure: The author holds BTC, LTC, ETH, ZEC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.
roller coaster image via Shutterstock; charts by TradingView