The Bitcoin price (BTC/USD) briefly returned above the $6,500 mark following a sudden surge that occurred in today’s early trading.
The original cryptocurrency had a quiet session on the day of its 10-year anniversary, as its price spent the session sandwiched between an intraday low of 6,316.88 and a high of $6,349.16. The digital coin eventually closed the session at $6,317.61, down from its opening level of $6,336.99.
The situation changed dramatically in today’s early trading, as a sudden spike sent the Bitcoin price over the $6,500 mark for the first time in three days. The coin hit an 11-day high of $6,547.14, according to Coinmarketcap’s price average, which takes into account data from a multitude of crypto exchanges across the world. The Bitcoin price has since pulled back to significantly lower levels and is currently hovering around the $6,390 level.
In a recent interview with CNBC, Fundstrat Global Advisors’ head of research Tom Lee said that he was “pleasantly surprised” with Bitcoin’s recent stability, especially given the fact that other asset classes have recently seen a correction. He argued that, given Bitcoin’s small market cap relative to other assets, the cryptocurrency should be more volatile.
Lee also spoke about what need to happen in order to kick-start a new period of sustained growth for the cryptocurrency. According to the analyst, Bitcoin needs to see more fiat inflows, something that he expects to happen by the end of this year or early next year, with the launch of new platforms like Bakkt. He also pointed to the US dollar as being a factor, arguing that since Bitcoin is priced in USD, dollar strength had been a headwind for Bitcoin, but “if the dollar begins to weaken that would be a tailwind for Bitcoin”.
In today’s trading, the Bitcoin price stood at $6,393.28, as of 09:57 BST. The digital coin has gained almost 1% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.