The Bitcoin price (BTC/USD) has seen significant gains over the past 24 hours, amid a strong recovery trend observed across the wider cryptocurrency market.
The original cryptocurrency had to endure a difficult Tuesday morning session, during which its price came close to dropping below the psychological level of $7,000. However, after falling to a near seven-week low of $7,090, the digital coin managed to edge higher and stabilise above the $7,100 mark. From there the Bitoin price was able to rally towards the $7,500 level in the afternoon. The digital currency closed the session at $7,472.59, up from its opening price of $7,129.46.
While Bitcoin has so far today managed to defend its Tuesday gains, the coin hasn’t been able to make much progress beyond yesterday’s close. The cryptocurrency hit an intraday high of $7,573.77 in the early hours of the session, but has since pulled back to lower levels. At the time of writing, the Bitcoin price was hovering around $7,485, according to data from cryptocurrency tracker Coinmarketcap.
Bitcoin’s rebound has coincided with a larger trend affecting the cryptocurrency market. All major digital coins have enjoyed strong gains over the past 24 hours, with Bitcoin Cash (BCH) and IOTA standing out as double-digit percentage gainers. Other top 10 tokens such as Ethereum (ETH), Ripple (XRP), EOS and Stellar (XLM) have risen by at least 7%, outpacing Bitcoin over the 24-hour period. Thanks to the strong performances, the size of the crypto market has increased by over $20 billion to reach $328 billion.
In today’s trading, the Bitcoin price stood at $7,485.65, as of 10:30 BST. The digital coin has gained 4.6% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $127.7 billion, which represents 38.9% of the total value of all crypto assets.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.