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Bitcoin Breaks Above $17,000 For the First Time Since Jan 2018

Bitcoin continues its bullish run as its price value has jumped above the $17,000 figure a few hours ago on Tuesday. With this bullish breakout, the top-ranked digital asset has set up its 35-month highest value. Due to this rally of Bitcoin, the market capitalization of the leading digital currency has also surged high and is very near to reach an all-time high value.

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BTC breaches $17,000 with a price gain of over 4% in 24 hours

Known as the largest cryptocurrency in the world in terms of market capitalization, Bitcoin (BTC) is constantly carrying forward its bullish price rally with the break of another crucial resistance. Bitcoin has successfully breached the $17,000 price mark. This breakout has occurred as a result of a price gain of more than 4 percent posted by the digital coin during the past 24 hours. Bitcoin’s price value is still trading up by 4.59 percent in the last 24 hours while holding at around $17,040, at the press time.

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Reportedly, it is the first time since January 2018 that Bitcoin has been able to breach above this price level while registering a new 35-month high. Previously, it reached this level back in the year 2018 on the 7th of January. Bitcoin is expected to continue trading above this price level in the coming days. The blockchain monitoring tool Bitcoin Block Bot has claimed in a report that there is a probability of 26.10% that Bitcoin will see its price close above $17,000.

Bitcoin has performed really well since the mid of March when the price value of Bitcoin had to go through a price crash of more than 50 percent in just one day and went down as low as to reach $4000 while recording its yearly lows. The coin seems to have recovered its entire loss by rebounding over 300 percent so far since the price crash. The year-to-date price gain is approximately 130 percent.

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Bitcoin’s market cap surges to $315 Billion

The market capitalization of Bitcoin has surged above $315 billion. Bitcoin is now only $20 billion away from reaching an all-time high value of $335 billion in market capitalization.

On the other hand, the overall market capitalization has also come very close to reaching the $500 billion milestone. As per the CoinMarketCap data, the cryptocurrency market is standing at $482 billion with an increase of 3.28 percent over the last day.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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