Bitcoin Price Climbs Back Above $8K to Reach 60-Day High

Jul 24, 2018 at 06:15 UTC
Updated Jul 24, 2018 at 12:31 UTC
NEWS

Bitcoin’s price has climbed back above $8,000 for the first time in two months.

According to CoinDesk’s Bitcoin Price Index, the price of the world’s largest cryptocurrency by market capitalization jumped by $200 in just two hours on Wednesday and is changing hands at $8,015 as of press time – that’s a level not seen since May 24.

The price of bitcoin had been declining since May 24 and reached a new year’s low at $5,785 on June 24, after which it started regaining momentum for a move back above $8,000, reflecting a nearly 40 percent increase since the June low.

Data from Bitfinex shows the trading volume of bitcoin more than doubled amid the price move, having increased from $4.9 million to $12.6 million within just four hours on the exchange.

That said, bitcoin is still down nearly 53 percent from the yearly high above $17,000 seen in January.

Meanwhile, data shows that bitcoin’s market capitalization dominance has also increased significantly over the past two months.

According to CoinMarketCap, bitcoin accounted for 37 percent of the total cryptocurrency market capitalization in mid-May. Yet that data has increased to 47 percent as of press time, pushing bitcoin’s dominance to a level not seen since late December.

Notably, bitcoin is the only top 10 cryptocurrency by market cap that has seen growth over the past 24 hours, with other major cryptos all seeing declines of 1–5 percent, respectively.

Image via CoinDesk

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