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Above $7K: Bitcoin's Price Shoots Up $600 in 30 Minutes
Bitcoin's price shot well above $7,000 Tuesday in a dramatic move.
By Sam Ouimet
Updated Sep 14, 2021, 1:53 p.m. Published Jul 17, 2018, 6:13 p.m.
Bitcoin's price shot well above $7,000 Tuesday in a dramatic move that took the cryptocurrency to a level it hasn't seen in more than a month.
As of press time, the world's most valuable cryptocurrency by market capitalization was trading at $7,368.22, up more than $600 from the day's open at $6,726.40. Indeed, the market moved quickly, posting the gains over the course of 45 minutes.
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CoinDesk's Bitcoin Price Index (BPI) registered a market high of $7,408.28 amidst the sudden spike upward. The last time the price was this high was on June 10, BPI figures reveal.
At press time, Bitcoin is the biggest gainer among the top 10 cryptocurrencies by market capitalization and is reporting a 16.19 percent week-to-week price increase, according to price tracking site CoinMarketCap.
Other major cryptocurrencies are following suit – a usual occurrence when bitcoin prices surge. Names like XRP, EOS, and litecoin (LTC) are all printing gains above 6 percent.
Per CoinMarketCap, the total market capitalization for the cryptocurrency market hit roughly $287 billion in light of the market uptick.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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