Bitcoin’s price topped $ 12,000 on Tuesday for the first time in over a month. The digital token has passed a level that, according to supporters, could set the largest cryptocurrency for further gains. Bitcoin’s price rose as much as 2.7% to $ 12,052 in New York on Tuesday, before retreating slightly from the day’s peak. This is Bitcoin’s highest level since September 2, Bloomberg noted.
The 24-hour price range for bitcoin was $ 11,672.69 – $ 12,047.10. The rally was highly anticipated by the market after the largest cryptocurrency by market cap had a streak of six-day gains last week, CoinDesk noted. Before exceeding $ 12,000, bitcoin prices had to overcome a large number of sell orders slightly below that level.
“Before investors look to the next bull run, we need to see the price stay above $ 12,000 for an extended period of time,” Simon Peters, an analyst at the investment platform eToro, told the publication in an email. “Then investors should consider $ 14,000 as their next target.”
While the coin has remained volatile all year, some positives that have kept it afloat have been greater institutional acceptance, for example, with Fidelity Investments launching a Bitcoin fund and a couple of public companies investing. in the currency.
“We see a significant increase in institutional players entering the cryptocurrency market,” Eric Demuth, co-founder and CEO of Bitpanda, told Bloomberg. “There is a lot of capital available that goes beyond the traditional financial market.”
Bitcoin was last trading above $ 12,000 in September, although it did not stay above that level for long. September was the worst month since March, with the currency losing more than 8%. Federal Reserve Chairman Jerome Powell said the US central bank is evaluating the costs and benefits of digital currency during a panel hosted by the International Monetary Fund. Bitcoin Dash and Monero colleagues each lost more than 5% in Tuesday’s session.
The digital token has reached a level that proponents and graphic designers believe could set the largest cryptocurrency for further gains.
- According to a report, Bitcoin breached the $ 12,000 level for the first time in over a month.
- Even though bitcoin has been volatile all year, some positives that have kept it afloat have been greater institutional acceptance and a couple of companies investing in the coin.
- Bitcoin was last trading above $ 12,000 in September, although it did not stay above that level for long.