Bitcoin is going again, reaching $19,000 for the first time since Dec. 7.
What Happened: Bitcoin has surpassed the $19,000 mark after it went down on Dec. 7 and bottomed at $17,600 on Dec. 11.
It was trading at $19,137.25 as of Sunday morning, Eastern Standard Time, according to data platform CoinMarketCap. That was a gain of 4.17% over the previous 24 hours.
This is leading some followers to claim it has surpassed a key resistance mark and will go upwards from there.
Why It Matters: Analysts have been weighing in about the bottom and the future of the leading cryptocurrency.
Edward Morra, a technical analyst quoted by leading crypto publication Cointelegraph, believes $17,600 is the bottom, based on heatmaps and the number of orders.
As for future prices, crypto enthusiasts have mainly remained optimistic. A widely followed, anonymous crypto follower who goes by the handle Beastlorion thinks a “big pump” is coming.
A CTO at blockchain market analytics company Glassnode predicts the Bitcoin price might increase 10 times over and reach $240,000.
Overall, the crypto market has been in the green, with leading altcoins Ethereum, XRP and Litecoin also gaining
4.92%, 3.43%, and 7.02%, respectively, as of Sunday morning.
The current capitalization of the entire crytocurrency market is $561,422,009,094.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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