The price of bitcoin has surpassed the $8,800 mark, rising 6 percent within the last 24 hours. Trading volumes across the major cryptocurrency exchanges have also increased beyond $26 billion for the first time in a while.
Last month, bitcoin tested the $9,200 mark, but it didn’t take long before it fell to $6,500 after failing to sustain the momentum to bounce off $8,200.
Based on the fluctuations in the price the market has witnessed in recent weeks, it is quite likely that bitcoin will test the $9,200 mark again as it did last month, and it could even surpass it. A movement above the $9,200 level it reached late March could see bitcoin price entering the $10,000 region before April ends.
Investors highlighted the $10,000 mark for bitcoin in November last year was both a psychological threshold and a key milestone. They predicted it would surge substantially, way before it got to $10,000. Bitcoin was relentless towards the ending of last year. After breaking the $10,000 ceiling – it rose to $14,000 and eventually to $20,000, where the decline started.
Since the corrections of February this year, and the series of regulations in recent weeks, the market has struggled to hold forth any form of stability. As always, the price of most altcoins and tokens have taken a cue from bitcoin which has been battered since the turn of the year. Regional exchanges in Japan and South Korea have not been spared either as both have witnessed a decrease in trading volumes.
The new trend in the price of BTC is an ideal position for the currency to rally round for both the short and mid-term, given that more people are getting aware of cryptocurrency as adoption has increased.