The Bitcoin price (BTC/USD) reached its highest level in more than two months on Tuesday, but its rally has come to a pause in today’s trading.
The flagship cryptocurrency enjoyed some positive price action yesterday, with its price breaking above the key $8,000 level in the morning part of the session. Bitcoin’s advance accelerated further in the afternoon, allowing the digital currency to close at an intraday high of $8,424.27, more than $700 higher than its opening level. This was also Bitcoin’s highest price level since May 21, according to data from digital currency tracker Coinmarketcap.
"The trajectory of the bitcoin narrative has inflected," Fundstrat Global Advisors’ Tom Lee told CNBC yesterday. "We see potential for inflows of fiat into crypto which supports higher prices."
Bitcoin’s latest rally has been bolstered by recent news that the world’s largest asset manager, BlackRock has set up a team to explore cryptocurrencies and their underlying technology, the blockchain. Another recent report has suggested that the US Securities and Exchange Commission (SEC) may give its approval for the creation of an exchange-traded fund (ETF) next month. This news has provided an extra boost to propel the Bitcoin price to its most recent highs.
Despite its strong finish on Tuesday, the original cryptocurrency has edged lower in today’s morning trading. While it’s still holding rather comfortably above the $8,000 mark, the digital coin’s value has fallen by more than $150 since the start of the session.
In today’s trading, the Bitcoin price stood at $8,269.35, as of 09:29 BST. The digital coin has gained 3.5% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at almost $142 billion, which represents 47.3% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.