As Bitcoin continues to wax strong, those who trade or save the currency had more reasons to smile recently when the price touched $8,905. Its retracement was only a little, giving hope that there is still more to come this week.
The new-high was experienced on May 26. The price quickly rose above the level of $8,250 which it had maintained for quite some time.
This may have been expected after Bitcoin dropped to $6,600 on May 17 and climbed up again to $7,300 some hours later.
Bitcoin has gained more than 20% after that loss on May 17 after it got up to $8,500 by 19:45 UTC. It did not stop there as it gained another $200 within 30 minutes. At the moment, Bitcoin is valued at $8,800.
The gain in price made more people to join the market. In 24 hours, there was an additional $10.3 billion added to the market according to CoinMarketCap.
But exchanges have a trading volume of $3.1 billion. The “Real 10” volume indicates trading volumes among exchanges. It was observed by Bitwise Asset Management.
The Bitcoin is not the only crypto growing at this time. Others that are rising with it include the Ether (ETH), Litecoin (LTC) and XRP. Each of them has appreciated between 5.3 and 5.8%. CoinMarketCap is sure about this report.
In fact, the total value in the market has got a new high of more than $268.1 billion. The last time something like this happened was before August 2018. Altcoins also share in the success story having reached a market capitalization of $6 billion.
For now, people are expecting Bitcoin to reach $9,650 soon. The last time this happened was on April 30, 2018. Once it starts approaching this price, all eyes will once again be on the $10,000 mark which most people see as a standard price for Bitcoin.