RATE Group | Bitcoin Price Climbs Back Above $8k to Reach 60-Day High
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Bitcoin Price Climbs Back Above $8k to Reach 60-Day High

24 Jul Bitcoin Price Climbs Back Above $8k to Reach 60-Day High

Posted at 10:05h in Bitcoin News by

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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…

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