Connect with us

Market Analysis

Bitcoin continues to soar as it reaches $8000 mark

Phumzile Ngcatshe

Published

on

LONDON – After spending 10 months in the Trading sector and as cryptocurrencies continue to flourish, Bitcoin reached $8 000 milestone for the first time on Tuesday.

Dubbed the biggest digital token, Bitcoin climbed as much as 3.8% before trading at $8 096 as of Tuesday morning in the United Kingdom’s capital, London.

According to Bloomberg composite pricing, Tuesday’s advance comes at the back of 25% surge a day earlier, thus registering the biggest one-day increase for Bitcoin since 2014, the data revealed.

In addition, other cryptocurrencies gained in Bitcoin’s resurgence and the Bloomberg Galaxy Crypto Index, which tracks a basket of the largest digital assets, suggests it added as much as 8.9%.

With Bitcoin on its longest winning streak since 2013 based on weekday pricing, the crypto has rebounded more than 150% from its most recent low in December, with the bulk of its gains happening since April after months of relative inactivity.

However, a number of reasons have been given for the renewed momentum, including revived interest from institutional players.

Phumzile is an experienced Journalist having launched his career in 2007. He has written for News24 Travel and a number of Football websites and publications covering the South African Premier Soccer League (PSL), African football such as the CAF African Cup of Nations and CAF Club competitions. He recently joined FX Magazine to offer more balanced and unbiased financial reporting.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending