The Bitcoin price (BTC/USD) has cleared a major barrier as the No.1 digital coin has benefited from a recent cryptocurrency upswing.
The original cryptocurrency spent the better part of yesterday’s session hovering in the low $6,400 area. The coin gained some momentum during the final hours of the session, which helped it to notch up a close above the $6,500 mark. Bitcoin finished the session at $6,519.67, up from its opening level of $6,398.85.
Having successfully defended the $6,500 mark during the early hours of today’s session, Bitcoin experienced another big surge in more recent trading. As a result, the coin was able to break above the $6,700 level for the first time in over two weeks. It rose to as high as $6,729.57, before bulling back to slightly lower levels. At the time of writing, the Bitcoin price was hovering around the $6,710 level, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s advance coincides with a larger uptrend observed across the digital currency market. Most cryptocurrencies in the top 100, including major altcoins, such as Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), have seen impressive gains over the past 24 hours. The third-largest digital coin, Ripple, has been the standout performer among the top 10 coins.
According to billionaire investor and crypto supporter Mike Novogratz, the cryptocurrency market has reached a bottom and Bitcoin is due to bounce back.
“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value,” Novogratz said yesterday at Yahoo Finance’s second annual “All Markets Summit”. He also pointed out that institutional investors, in particular venture funds, remain interested in spending money on crypto.
“I think institutions are moving towards investing. It’s shocking how much has happened,” Novogratz said, as quoted by Reuters.
In today’s trading, the Bitcoin price stood at $6,714.46, as of 11:07 BST. The digital currency has gained 4.7% in the past 24 hours. Its total market cap currently stands at just over $116 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.