Analysis

The price of the world’s largest cryptocurrency, bitcoin (BTC), surpassed $7,900 today, jumping 16 percent in the process to reach a high not seen in more than nine months.

Bitcoin (BTC), with a market capitalization that now accounts for 59.8 percent of the total cryptocurrency market, jumped 16 percent from its opening price of $6,800 to reach $7,889 at 15:10 UTC – its highest price since July 31, 2018, according to CoinDesk’s price data. The data further shows that a high of $7,946.01 has been reached during Monday trading.

Now trading a $7,805.10, current figures represent a more than 37 percent increase in the past 7-days alone.

Since hitting a 2018 price low of $3,112 on December 15, 2018, with a market cap of $56 billion at the time, bitcoin’s price has since rallied nearly 150 percent and currently records a market cap of $136 billion, according to CoinMarketCap.

As usual when the market leader pics up a strong bid, the USD value of most other cryptocurrencies follows suit.

All of the top 20 cryptocurrencies by market cap are recording gains today, the top three performers of which include Binance Coin (BNB), BitcoinCash (BCH), and Dash (DASH) which reported 24-hour gains of 13.8, 12.6, and 12.6 percent, respectively, at time of writing.

Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information. 

Balloon image via Shutterstock

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