Cryptocurrency
Cryptocurrency
Bitcoin tops $6,000, as market shrugs Binance hack news
The Bitcoin price (BTC/USD) has broken above the key $6,000 mark for the first time in nearly six months.
The original cryptocurrency had to endure a significant price drop at the start of yesterday’s trading, following the news that the world’s largest digital currency exchange, Binance, had been hit by hackers. The coin’s price fell to an intraday low of $5,794.72 during the opening hours of the session, but this turned out to be only a temporary hindrance for BTC. The coin spent the rest of the session moving on an upward trajectory, which allowed it to recapture the $5,900 level and move within striking distance of the psychological level of $6,000. Bitcoin finished the session at $5,982.46, up from its opening price of $5,849.48.
Bitcoin’s advance has accelerated in today’s morning trading, as the coin break above $6,000 for the first time since November 14. BTC rose to as high as $6,115.71, before pulling back to slightly lower levels. At the time of writing, the Bitcoin price was hovering round the $6,090 mark.
Bitcoin’s latest advance builds upon its strong performance in April, when the coin’s price increased by some 30%. According to billionaire investor and Bitcoin bull Mike Novogratz, the coin’s recovery is only beginning.
Recovery underway
In an interview with CNN Business earlier this week, Novogratz predicted that the digital coin would triple its price over the next 18 months and return to its all-time high of around $20,000.
“It would take something like that to shatter this newfound confidence,” Novogratz said from the sidelines of the SALT Conference in Las Vegas.
In today’s trading, the Bitcoin price stood at $6,098.69, as of 09:25 BST. The digital coin has gained 3.5% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $107.9 billion, which represents 57.1% of the combined value of all digital coins.
Featured image: Iaremenko Sergii/Shutterstock.com
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