By The price of Bitcoin continues its recent rally to a price level which has broken through the $8,000 mark for the first time since July 2018.
At the time of press, Bitcoin is trading at $8,226.02 up by 17.24%. Data from Messari in the last 24 hours has revealed that more than $27 billion worth of BTC was traded across exchanges.
Today’s development, albeit aggressive, should not be seen as an anomaly. In actual fact, Bitcoin’s prices have been vigorous for most of 2019 thus far and the OG crypto rose to more than $1,000 dollars just two days ago.
In the past 3 months, Bitcoin has increased by 127% in price. Furthermore, the dollar value of most of the top-tier cryptocurrencies has risen as a result of Bitcoin’s rally.
Ethereum is up by 7.57% and is trading at $211 at the time of press with a weekly gain of over 15%. Ripple (XRP) is up by 5.16% and trading at $0.39 around the time of press. XRP has reached as high as $0.335 which was its weekly high point and the altcoin’s weekly gains are up by 7.94%.
On the other hand, stocks have reported by slumps in light of China raising its tariffs on goods entering the nation from the USA. The Dow Jones dropped by 2.4% to 25,324.99, marking its worst session since January. S&P 500 also fell by 2.4% to 2,811.87, and the Nasdaq has dropped by 3.4% to 7,647.02 which has been hailed at its most significant one-day loss of the year.
Lastly, oil futures also report losses today as Brent crude futures have dropped by 42 cents at $70.20 a barrel and US West Texas Intermediate (WTI) crudes are down by 1% or 62 cents at $61.04.
Could we see Bitcoin reach the $10,000 mark soon? Many crypto enthusiasts believe this is possible while many critics believe this to be an anomaly in light of the tension between China and the USA.
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