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Back Above $4K: Bitcoin's Price Hits a Two-Week High
The price of bitcoin is trading above $4,000, its highest level in two weeks, a move that was backed by strong volume.
The price of bitcoin, the world’s largest cryptocurrency by market capitalization, jumped 6.5 percent Sunday to rise back above $4,000, its highest point in two weeks.
CoinDesk data shows bitcoin’s (BTC) price spiked $262 on Monday at 17:10 UTC to $4,063, a move accompanied by a large injection of volume.
STORY CONTINUES BELOW
At press time, bitcoin is up 5.95 percent over the last seven days, regaining losses seen toward the end of December.
Bitcoin’s market capitalization has also risen substantially, up $4 billion on the day to $70.73 billion, its highest point since Dec. 25. The move signals an expansion beyond the yearly low of $3,650 and an opportunity for the bulls to push higher this week, based on current price action and momentum.
Still, bitcoin is just one of many cryptocurrencies enjoying strong upside momentum with litecoin (LTC), NEO (NEO) and Cardano (ADA) leading the top 25, up 12.16, 10.6 and 9.11 percent respectively.
The total market capitalization of all cryptocurrencies is up $6.1 billion from yesterday’s top of $132 billion and is currently sitting just above $138.1 billion CoinMarketCap data shows.
: The author holds no cryptocurrencies at the time of writing.
via Shutterstock
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
