Australia Markets closed

Back Above $4K: Bitcoin’s Price Hits a Two-Week High

Sebastian Sinclair

The price of bitcoin, the world’s largest cryptocurrency by market capitalization, jumped 6.5 percent Sunday to rise back above $4,000, its highest point in two weeks.

CoinDesk data shows bitcoin’s (BTC) price spiked $262 on Monday at 17:10 UTC to $4,063, a move accompanied by a large injection of volume.

Bitcoin Payments Aren’t Dead, They’ve Just Gone Niche

At press time, bitcoin is up 5.95 percent over the last seven days, regaining losses seen toward the end of December.

Bitcoin’s market capitalization has also risen substantially, up $4 billion on the day to $70.73 billion, its highest point since Dec. 25. The move signals an expansion beyond the yearly low of $3,650 and an opportunity for the bulls to push higher this week, based on current price action and momentum.

Still, bitcoin is just one of many cryptocurrencies enjoying strong upside momentum with litecoin (LTC), NEO (NEO) and Cardano (ADA) leading the top 25, up 12.16, 10.6 and 9.11 percent respectively.

The total market capitalization of all cryptocurrencies is up $6.1 billion from yesterday’s top of $132 billion and is currently sitting just above $138.1 billion CoinMarketCap data shows.

$4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap

Disclosure: The author holds no cryptocurrencies at the time of writing.

BTC image via Shutterstock

Related Stories