Bitcoin is recovering from a sudden decline in price triggered by a sell-off at the weekend. Monday's momentum is showing signs of inching towards its next target of $8,000.
After a 20 percent rally seen in the last seven days, the most popular cryptocurrency clocked a two-month high of $7,820 Monday.
Bitcoin price, which has been fluctuating most of this year, hit a seven-month low of $5,755 on June 25. Since then, the cryptocurrency showed a steady recovery with a strong rally of more than $2000 within a month.
A quick sell-off from investors caused a dramatic late Sunday crash, and created panic in Bitcoin market. The softcoin lost its value by 3 percent to hit $7333.
On Monday, trading opened at $7,396, and rose by more than 4 percent, or around $400, later in the day. As of this writing, BTC is trading at $7669.
According to CoinMarketCap, a 46 percent rise in bitcoin dominance rate indicates that Bitcoin is more in demand compared to the alternative cryptocurrencies, and looks set to extend gains further.
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