The price of bitcoin, the world’s largest cryptocurrency by market capitalization, shot up 7 percent within 30 minutes on Tuesday to reach its highest point in four months.
CoinDesk data shows bitcoin’s (BTC) price spiked Tuesday at 04:32 UTC to $4,715, accompanied by a large injection of daily bullish volume to close out the hourly trading period $668 up.
At press time, bitcoin’s price has risen 19.17 percent over a 24-hour period, trading at $4,926, and has broken out from a defined area of resistance at $4,192 and continues its warpath of higher highs and higher low.
Bitcoin’s market capitalization has also risen significantly, up $5.1 billion on the day to where it currently sits at $78.8 billion, its largest amount since Nov. 22, 2018.
The move came at a time of contention for bitcoin bulls providing relief and breaking through not one but three key resistance levels at $4,200, $4,420 and $4,567.
Bitcoin is just one of many cryptocurrencies enjoying a large injection of liquidity in the markets with Ether and litecoin up 5.5 and 8.1 percent respectively while Tron leads the pack in the top 15 and is currently up 12 percent at the time of writing.
Disclosure: The author holds USDT at the time of writing.
Bitcoin image via Shutterstock