Bitcoin climbs above $7 000 as cryptocurrency rally extends

Cornelia Mascio
Mag 14, 2019

Bitcoin hovered above 7,000 US dollars on Monday, close to nine-month highs, as the biggest cryptocurrency's 2019 rally gathered steam.

Monday's advance of as much as 26% comes only a few days after the digital asset broke through $6,000 and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset that are taking place in NY this week.

"Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference", Lee said".

Bitcoin was last up 1.1 percent at 7,056 USA dollars on the Bitstamp exchange after soaring 14 percent on Saturday - its second largest daily jump this year - to its highest since early August. It hit a high of $8,167.50, a roughly 10-month peak.

With fundamental analysts always struggling to explain crypto markets, traders recently have pointed to institutions boosting their embrace of digital coins, with the likes of Fidelity Investments planning to buy and sell Bitcoin for institutional customers soon, and E*Trade dipping into the trading space. "The current negativity is driving investors to alternative or safe haven assets, which is benefiting Bitcoin".

David Thomas, of London-based cryptocurrency broker GlobalBlock, said the breaching of a key 6,000 US dollars support level last week had fueled interest among investors.

In addition, Lukman Otunuga, research analyst at FXTM, said the bullish "golden cross" is already in play on the daily charts.

Bitcoin jumped to nearly $8,000 and didn't look back, as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market. This occurs when the 50-day simple moving average has crossed above the 200-day moving average. Cryptocurrency markets have previously fallen after high-profile security breaches. A year ago it lost some three-quarters of its value amid tighter regulation across the world.

All of the top 20 cryptocurrencies by market cap are recording gains today, the top three performers of which include Binance Coin (BNB), BitcoinCash (BCH), and Dash (DASH) which reported 24-hour gains of 13.8, 12.6, and 12.6 percent, respectively, at time of writing.

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