June 23, 2024

Bitcoin Climbs Over The $7,000 Mark

Speak about Cryptocurrencies, or even just mention digital assets in general, and what is one of the first things to come to mind, even in the thoughts of those who have barely heard about the world behind Crypto? Well, it’s Bitcoin. Bitcoin or BTC for short is the original Cryptocurrency token and while it might not be the hottest, flashiest token off the bench it is definitely showing it still has what it takes. Regardless of what the Ethereum camp is saying; nevertheless, today the Crypto community is celebrating the current drive of growth that is sweeping under the currents of Bitcoin and driving the market value up and over $7 000 USD.

The Tides Change

This optimistic movement within the force that oversees the markets began sometime during the course of yesterday, the upward pull managed to kick the ten highest ranked Crypto coins into gear and the proof can be seen in the prices. As analysts review a set of financial evaluators of all the Cryptocurrency coins available, of which the vast majority are now safely in the green, it becomes clearer of the implications of this much-needed market shift. The financial experts presently believe that this continuing trend of bullish market forces will help to mitigate the effects of the previous few days more turbulent environment.

The Trading Price

The trading price of Bitcoin was at $7 209 at the time of writing, the value has surged by 8% in the period between Monday afternoon and today. The peak price yesterday, on Monday the 16th of July, was at $6 679 at the close of business, which is considerably less than the price which Bitcoin managed to reach today. All of these market events and more have helped to ensure that Bitcoin is now seen as residing within the net positive region of the market, at present the net positive area is governed by limits of 2% and 6% on either side of the border. In fact, Bitcoin has managed to do away with the previous high for this month, this was initially achieved on the 8th of July when Bitcoin got up to $6 800.

Looking at other coins in the market, other big names are also faring rather well thanks to the boost in underlying forces. Ethereum is now trading at $494, which is a growth of approximately 4% since yesterday afternoon. However, Ethereum may have gained an 8% week-on-week increasing index, but their monthly growth percentage is currently being stated as -6%, which is the opposite of a desirable figure. The Crypto coin that has performed the best since yesterday after the market got a flow of hyperactivity thanks to bullish forces is, in fact, a lesser known coin, Anonymity-oriented altcoin Monero or XMR.

The Final Thoughts

XMR has managed to make itself worth just under 9% more, Ripple has failed to standout only achieving a further 6% of growth. The entire amount of market optimization and use that is currently being recorded as used to full potential is only coming at $286 billion, however, it could be much more. Bitcoin is making waves in the industry, but so are many other coins, it will be interesting to see how the economy reacts going forward.

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