Bitcoin price (BTC/USD) hits one-week high above $5,300 in early Thursday trading

Bitcoin price (BTC/USD) hits one-week high above $5,300 in early Thursday trading

The Bitcoin price (BTC/USD) has edged higher on Thursday morning, moving closer to the $5,300 level.

The original cryptocurrency had a largely lacklustre session on Wednesday, as its advance hit a wall following some stellar Tuesday trading. The digital coin had gained some 3% on Tuesday to close the session comfortably above the $5,200 mark. The coin showed signs that it was looking to continue its run during the early hours of yesterday’ session, when its price surged to a six-day high of $5,274.28, from its opening level of $5,236.14. However, the coin spent the rest of the session hovering in a tight range around the Tuesday close. It experienced another spike in the early afternoon session, this time failing to penetrate the $5,270 level. BTC finished the day at $5,251.94, according to data from digital currency tracker Coinmarketcap.

Bitcoin resumed its advance during the opening hours of today’s trading and was able to revisit the $5,300 mark thanks to an early price jump. The coin rose to as high as $5,306.66 during its early push, which was its highest level since April 11. It has pulled back slightly in more recent trading, returning to sub-$5,300 levels.

Bitcoin has seen a steady increase in trading volumes in recent sessions, although market activity remains significantly weaker compared to its breakout rally in early April. Yesterday, Bitcoin’s daily trading volume reached $12.4 billion, up from the $11.6 billion generated during the preceding session. Recent market data shows that just over $12.9 billion worth of BTC coins have been traded over the past 24 hours.

In today’s trading, the Bitcoin price stood at $5,272.30, as of 11:40 BST. The digital coin has 0.6% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $93.4 billion, which represents 52% of the combined value of all digital currencies.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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