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Bitcoin Price crosses $4000!

Bitcoin Price crosses $4000!

December 21, 2018 6:49 am,

Bitcoin has surpassed $4000 for the first time in two weeks, continuing to break away from a month’s long rout. The price of the world’s best known cryptocurrency climbed almost 7 percent to $4037 according to CoinDesk’s index tracker.

The last time the digital currency was trading at the $4000 level was on December 4th 2017 and it began to plummet in mid-November after months of stability, restoring volatility in an asset known to jump or fall hundreds of dollars within hours. It has fallen almost 80 percent since a record high near $20000 in December last year. Earlier this week, BTC began jolting upwards on the anniversary of the cryptocurrency’s all-time high.

Other cryptocurrencies followed the same suit. XRP, world’s second largest cryptocurrency, jumped 2 percent to almost 38 cents, while ether, the digital token of the Ethereum blockchain rose over 5 percent to $109. Also other cryptos have experienced even larger gains, with BCH rising by 64 percent since the weekend. STRAT has led the pack with 11.5 percent. The largest 24 hour loss has occurred around EOS, experiencing a 4.7 percent downwards correction following a robust breakdown. Overall, EOS has still gained 30% since Sunday, going from $1.93 to $2.51. Other notable losses include MANA depreciating 4.7 percent, IOTA at 3.1 percent and Basic Attention Token (BAT) at 2.8 percent.

Still, 2018 has been a horrible year for most cryptocurrency investors. BTC is down more than 80 percent from its all-time high almost one year ago. This year alone, it’s down 72 percent and has struggled to attract new buyers. 

This week, the valuation of the crypto market increased by $29 billion from $100 billion to $129 billion. Within a five day span, led by the sudden increase in the BTC price, the crypto market experienced a surge in its valuation by nearly 30 percent.

Can it retain the momentum?

After the initial corrective rally of BTC that the price trend of the asset has become , with an immediate pullback to $3700. The trader said that if the dominant cryptocurrency struggles to rebound from $3635 and resistance levels below it, the corrective rally of the crypto market on December 19 may reverse in the short term. To recover from one of the largest selloffs in 24-hour recent years, the crypto market has to demonstrate stability and gradual increase in value. As of December 20, the daily trading volume of BTC remains at around $6.6 billion which is relatively high considering the volume the asset demonstrated throughout the past several weeks.