For the first time in two months, Bitcoin’s price has moved back above $8,000.
As indicated by CoinDesk’s Bitcoin Price Index, the price of the world’s biggest cryptocurrency by market capitalization bounced by $200 in only two hours on Wednesday and is changing hands at $8,015 as of press time. This is something that the bitcoin community have not experienced since May 24.
The price of bitcoin had been declining since May 24 and achieved another year’s low at $5,785 on June 24, after which it began recovering force for a move back above $8,000, mirroring an about 40 percent expansion since the June low.
Data from Bitfinex demonstrates the trading volume of bitcoin dramatically increased in the midst of the price move, having expanded from $4.9 million to $12.6 million within only four hours on the exchange.
So, bitcoin is still down almost 53 percent from the yearly high above $17,000 found in January.
In the meantime, data demonstrates that bitcoin’s market capitalization strength has additionally expanded fundamentally over the previous two months.
As indicated by CoinMarketCap, bitcoin represented 37 percent of the total cryptocurrency market capitalization in mid-May. However, that data has expanded to 47 percent as of press time, pushing bitcoin’s strength to a level not seen since late December.
Also, bitcoin is the top best 10 cryptocurrency by a market cap that has seen development in the course of the past 24 hours, with other major cryptos all observing decline of 1– 5 percent, respectively.