January 25, 2021

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Bitcoin Breaks Past $18,000 As Rally Continues

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Bitcoin Breaks Past $18,000 As Rally Continues

Bitcoin’s (BTC) price today hit $18,000, an increase of 5% over the past 24 hours. Overall, the weekly price has increased by 0.74%, ending the week at a slightly better place than it started.

Around $18,000, Bitcoin is in a less tempestuous place than it was earlier in the week. On Thursday, November 26, the world’s largest cryptocurrency went through a meltdown (for a variety of reasons) when the coin crashed in value by $3,000 in a single day.

Bitcoin’s plummeting price led to a sell-off the next day when the number of “wholecoiners”, addresses holding at least one whole Bitcoin, dropped by nearly 1,000, as reported by Decrypt.

Today’s leveling-off is the continuation of a rally that began on Friday when the price started picking up from lows of $16,700, reaching $17,180 on Friday midnight UTC.

But the real spectacle lies in the monthly price performance; Bitcoin went from $10,500 to almost $20,000 between October and late November.

Bitcoin’s 24-hour trading volume today hit $36.218 billion, up by 8.1% from yesterday’s $33.390 billion.

The global crypto market cap has reached $537 billion, an increase of 5% over the past 24 hours. Bitcoin accounts for $335 billion of the global market cap, or 62%.

Other cryptos in the top three are also on the rise, and indeed at a better rise than Bitcoin. Ethereum’s price reached $551, is a daily increase of 6% and a weekly increase of 5.40%.

XRP continues to ride the wave of the market rally, reaching $0.61 today, an increase of 9.46% over the past 24 hours. XRP increased by 44.34% this week.

As of 13:35 UTC, Bitcoin’s price continues to settle at around $18,000.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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