The price went from USD 7,593 to USD 7,903 between January 6th and 7th. Bitcoin reaches its highest point since the end of November.
Bitcoin’s price is approaching USD 8,000 for the first time since November, after an increase close to 4% between January 6th and 7th. During that period, the main cryptocurrency in the market went from USD 7,593 to USD 7,903 at the time of writing this article.
According to data from CoinMarketCap, Bitcoin’s price has grown specifically by 3.9% during the period described above. Similarly, at its highest point in recent days, the value of Bitcoin reached above USD 7,970, something that had not happened since November 20th, when the price of the cryptocurrency was last above the USD 8,000 mark.
If the range is extended to the lowest moment at the beginning of 2020, Bitcoin’s appreciation has been almost 15%. On the night of January 2nd, the value of the cryptocurrency dropped to USD 6,919, according to CoinMarketCap. The rebound from this moment has coincided with the US attack against Iranian General Qasem Soleimani in Iraq.
In the top 20 of cryptocurrencies, according to their market capitalization, another 4 have had gains of over 2% in recent days. Among them, Chainlink (LINK) is the most prominent, with an increase of more than 10% during that period. The others are Monero (XMR), Stellar Lumens (XLM) and Cardano (ADA), with 2.25%, 2.66%, and 2.61%, respectively.
Bitcoin Growth Analysis
For market operator and cryptocurrency ecosystem analyst Tone Vays, the next resistance floor is around USD 8,300. Likewise, he considers that the increase in such a short term is not enough to provide for a bullish rally in the long term.
Previously, Vays had predicted a drop below USD 6,000 at the beginning of 2020. Although he sees possible increases in the short term, his new prediction does not contradict the previous one.
For his part, Willy Woo, one of the most recognized analysts for his metrics, believes that the recent behavior of Litecoin (LTC) could help boost Bitcoin’s price shortly.
In particular, Woo attributes the rise in LTC to a capitulation of the miners of that network. He said that he would not be surprised if LTC leads a BTC bullish break.
Other analysts, such as Murad Mahmudov from Adaptive Capital, see that the Bitcoin market is in a phase of accumulation with metrics that suggest greater bullish momentum to come.
Wrong Analysis Regarding Tether
Although some recent analyses mention an alleged issuance of the stablecoin Tether (USDT) as a possible reason for Bitcoin’s bullish rally, Tether’s CTO, Paolo Ardoino, denied such issuance via Twitter.
Information referring to USDT as a possible reason for the increase in Bitcoin’s price was later corrected, ensuring that the difference in market capitalization seen in CoinMarketCap does not correspond to new the issuance of currencies.
Archived versions of the Tether website maintain that the amount of Tether in circulation has not increased substantially. In other words, CoinMarketCap data did not include Tether’s current total, as Ardoino noted in his tweet.
By Alexander Salazar