The Bitcoin price (BTC/USD) has moved within striking distance of the $13,000 level after experiencing a sharp increase during the opening hours of today’s trading.
The original cryptocurrency had a positive trading session yesterday, especially during the morning, when its price surged to as high as $12,779.13. At that point in the session it seemed that BTC was preparing to test the $13,000 mark, but the coin pulled back in subsequent trading. BTC fell to as low as $12,233.26 in the afternoon, but eventually finished the day in the positive territory. Bitcoin closed the session at $12,573.81, up from its opening price of $12,284.33.
Bitcoin was able to maintain this positive momentum during today’s early trading, which helped it top the $13,000 barrier for the first time since June 27. The coin rose to as high as $13,018.77 during the opening hours of the session, but its spell above $13,000 has been a brief one. The coin has since retreated to lower levels and is currently hovering around the $12,900 level, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s advance has been supported by strong market activity according to Coinmarketcap data. The coin’s daily trading volume reached $28.1 billion yesterday, which was significantly higher than the $23.5 billion generated in the preceding session. Meanwhile, some $29.3 billion worth of BTC coins have changed hands over the past 24 hours.
In addition, the Bitcoin dominance, an indicator that tracks BTC’s share of the total cryptocurrency market capitalisation, has reached its highest level in more than two years, which suggests that at the moment investors are interested in BTC, rather than the altcoin market.
In today’s trading, the Bitcoin price stood at $12,033.71, as of 05:37 BST. The digital currency has gained 2.1% in the past 24 hours. The coin’s total market cap currently stands at $230.3 billion, which represents 65% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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