Cryptocurrency & Blockchain Business
Joji Xavier

Bitcoin Crosses $8,000 For First Time Since May

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Bitcoin has climbed back above $8,000 Tuesday, clocking a two-month high of $8,213.09

Bitcoin price, which has been fluctuating most of this year, had hit a seven-month low of $5,755 on June 24. Since then, the most popular cryptocurrency showed a steady recovery with a strong rally of more than $2000 within a month.

For the second consecutive day Bitcoin continued to show recovery from a sudden decline in prices triggered by a market sell-off at the weekend. Monday’s momentum showed signs of it inching towards $8,000, and it hit the target the very next day.

Trading opened at $7,717 on Tuesday, and jumped by $200 in just two hours. And as the day progressed, the cryptocurrency rose by more than 5 percent, and reached the day’s high of $8,213 – a level not seen since May 24.

As of this writing, BTC is trading at $8,203.

The bullish run also reflected on the trading volume, showing an increase from $4.9 million to $12.6 million within just four hours on the cryptocurrency exchange Bitfinex.

According to crypto pundits, Bitcoin is more in demand than the alternative cryptocurrencies, and looks set to extend gains further. A section of them predicts a return to the bull run that last year powered bitcoin close to $20,000.

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