Nothing seems to be stopping Bitcoin's rally at the moment. After a day of many additional losses expected, Bitcoin once again defied everyone to head towards the $13,000 resistance level, and the move also moved Bitcoin's market cap to the highest level since December 2017. Despite the struggle of Bitcoin to regain its highs in the recent period, analysts put Q8 Trade Its price targets are well above all-time highs, and the rally comes despite the lack of a clear driver for its upward move.
Over the past week, the bitcoin currency added gains of about 6.6% for the third consecutive week in nearly a month, as the largest cryptocurrency recovered after the correction and profit taking stopped after hitting its highest level in 17 months at 13,880 dollars.
Many expected an additional drop to $10,000 or less, and many traders said that the volatility in Bitcoin could lead to more losses.
Bitcoin breaks 1200$
As a testament to the volatility and nature of the crypto markets, Bitcoin has challenged everyone. The move came in three phases over the past 24 hours. First the coin rose from the $11,500 level to $11,800 where it stayed for a few hours, then a major breakout of the $12,000 psychological support level.
The dominance of bitcoin in cryptocurrency trading has risen to 64%, the highest level since April 2017, and the total market capitalization of bitcoin has risen to $227 billion from a total market value of $355 billion.
Founder and CEO believes Morgan Creek Capital Management Mark Yusko says that bitcoin could reclaim all-time highs and hit $30,000 before the next major correction, before smashing into $100,000 or more, Yusko added that bitcoin will regain old highs.
India has become one of the latest countries to criticize the Libra coin project announced by Facebook. The country has already banned digital currencies by preventing banks from dealing with them, and the government is drafting a law that imposes penalties on the use of digital currencies.
Economic Affairs Minister Subhash Garg told Bloomberg that the design of Facebook's coin was not fully explained, but whatever the case, cryptocurrencies are not legal.
Libra is a digital currency tied to a basket of government-backed currencies, and many regulators and analysts around the world have argued that it requires tighter regulation than Facebook's, as the social network has taken to it.
- US Dollar largely erases 2024 gains amid expectation of federal rate cuts. - 17 September, 2024
- Rare currency pairs in the Forex market - May 26, 2023
- Key tips for traders in Forex Market - April 20, 2023
