Bitcoin prices are holding steady today, April 19, one week after a surprise surge took the cryptocurrency up $1,000 to reach above $8,000 in the space of 30 minutes.
Capping a week of more moderate fluctuations around the $8,000 mark, commentators note support appears firm around $7,900, paving the way for further upside in the coming weeks.
At press time, BTC/USD was trading around $8,250, up just over 1 percent in the past 24 hours.
Just weeks ago, Bitcoin was trading below $7,000 and a return to that zone could well occur in the event prices escalated too quickly towards $9,000, Vays said.
Bitcoin retaking and holding $8,000 has coincided with fresh bullish remarks from multiple industry experts.
Calling time on the period of downward trends since December were venture capitalist Tim Draper and CNBC economist Brian Kelly last week, while this week a quarterly outlook from Saxobank continued the positive crypto market sentiment for 2018.
In altcoin markets meanwhile, progress has been broadly in line with Bitcoin's behavior.
Two exceptions to the rule have come in the form of Basic Attention Token, which gained almost 50 percent on the day following a partnership announcement between the coin's Brave platform and the Dow Jones Media Group.
BAT is currently trading around $0.36, up about 22 percent on the day to press time.
XVG has since seen slight gains on the day to press time, up 0.65 percent to trade around $0.07.
Bitcoin Holds $8,000 Price Point Amid Warnings Fast Growth Could See Lows Return
Published on Apr 19, 2018
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.