Bitcoin Crosses $8,000 For First Time In 2 Months

bitcoin july24

Bitcoin has climbed back above $8,000 Tuesday, clocking a two-month high of $8146.

Bitcoin price, which has been fluctuating most of this year, had hit a seven-month low of $5,755 on June 24. Since then, the most popular cryptocurrency showed a steady recovery with a strong rally of more than $2000 within a month.

For the second consecutive day Bitcoin continued to show recovery from a sudden decline in prices triggered by a market sell-off at the weekend. Monday's momentum showed signs of it inching towards $8,000, and it hit the target the very next day.

Trading opened at $7,717 on Tuesday, and jumped by $200 in just two hours. And as the day progressed, the cryptocurrency rose by more than 5 percent, and reached the day's high of $8,131 - a level not seen since May 24.

As of this writing, BTC is trading at $8146.

The bullish run also reflected on the trading volume, showing an increase from $4.9 million to $12.6 million within just four hours on the cryptocurrency exchange Bitfinex.

Bitcoin is the only major cryptocurrency by market cap that has seen growth over the past 24 hours.

According to crypto pundits, Bitcoin is more in demand than the alternative cryptocurrencies, and looks set to extend gains further. A section of them predicts a return to the bull run that last year powered bitcoin close to $20,000.

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