The price of bitcoin, the world’s largest cryptocurrency by market capitalization, shot up 17 percent within 30 minutes on Tuesday to reach its highest level 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 volume, to close out the hourly trading period $668 higher.
At press time, bitcoin's price was up 19.17 percent over a 24-hour period, trading at $4,926, and had broken out from a defined area of resistance at $4,192. The cryptocurrency, as a result, continues its positive recent trend of higher highs and higher lows.
Bitcoin's market capitalization has also risen significantly, up $5.1 billion on the day to $78.8 billion, its highest since Nov. 22, 2018.
The notable move comes 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.
: The author holds USDT at the time of writing.
image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.