Bitcoin is the apex cryptocurrency and the driving force of the cryptocurrency markets. Practically every other cryptocurrency moves on the path that Bitcoin sets. All eyes are now on Bitcoin as the price of the currency has entered a major bull-run over the past few days – helping the entire markets flourish and grow.
Bitcoin prices were stuck at the $6600 to $7000 mark for the past few weeks. However, having found a strong support at that level – and having ensured that prices would not fall any further, market bulls have finally decided to come out with all guns blazing and invest in the currency. Bitcoin price suddenly shot up from $6800 to $8300 over the week – which drove the entire market into a process of recovery.
Over the past 24 hours, Bitcoin price shot up from $7890 to $8317, growing by 4.75%. Bitcoin’s market cap too took a jump as it went from $133.9 Billion to $141 Billion over the day – a boost of $7 Billion in a single day! Bitcoin, which started the week at $7080 fell to $6790 and then the bull-run began – driving the prices beyond the $7000, $7500 and $8000 marks.
Bitcoin price now aims at finding a new line of support between the $8000 to $8500 mark – where it will break down the $8500 barrier eventually – and rush to the much-awaited $10,000 mark. However, fluctuations in the cryptocurrency markets are very common and the currency may take a hit any time due to factors beyond the market’s control.
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