Not too long ago, after seeing a successful surge that brought it from $3,200 to nearly $14,000 in only a few months, Bitcoin (BTC) saw a significant drop that took it back to $9,600. For a substantial portion of June, and the entirety of July, the largest cryptocurrency was trying to grow back up. However, each attempt was followed by a drop that took it back to $9,600.
This changed with the arrival of August, which was followed by another sharp rise that seems to have finally allowed BTC to break significant resistance levels — and surge beyond $11,000 for the first time in weeks.
According to Bitcoin’s statistics from CoinMarketCap, the coin managed to go above $11,000 on Sunday, August 4th, at around 15:00 UTC. This was the first time that Bitcoin exceeded the $11k mark in around three weeks.
Before it surged past $11,000, BTC price was first stalled, as well as retested at the resistance level at $10,600. However, as soon as this level had fallen, BTC saw a breakout that took it to $11,000 and above. As we write this, the crypto king’s price sits at $11,759 after soaring by 9.91% in the last 24-hours.
The last day also saw a sudden growth in trading volume, which climbed up to over $4 billion in the previous 24 hours. Of course, BTC will need it to reach higher levels and to keep breaking resistance levels, as the next major one awaits at $11,880. However, the coin’s recent behavior and the investors’ reaction clearly indicate that this development is more than possible.
Bitcoin leading the rally yet again
Bitcoin’s new price surge caused the rest of the crypto market to rally as well. At the press time, there is not a single coin in the top 30 largest cryptocurrencies that is not trading in the green.
Coins such as Ethereum (ETH), Tezos (XTZ), TRON (TRX), and a few others have been the major gainers. Most coins among the top 10 are growing by 3-5% at this point, apart from Stellar, which is only seeing about 2% surge right now.
At the same time, the whole crypto market cap is surging as it went beyond $310 billion once again today. Currently, it sits at $305,114,494,715, and the positive momentum still carries it. The new figure was reached after around $10 billion-large increase over the last 24 hours, making August 4th one of the most productive day in the crypto industry in the past weeks, and even months.
AS for the future, it appears that the short-term outlook will be favorable to bulls. It is expected that BTC will be tested once more at $11,880. If the coin manages to break this resistance as well, it might be above $12,000 in a matter of hours. Presently, the coin still sees steady growth at around 8%, and it is driving the rest of the market up, as well.
The new bull run is certainly including almost everyone and even Ripple’s XRP — which some times resists such developments for a long time before joining others. After going up by nearly 3% today, XRP finally stands above the $0.32 price mark.
As for Ethereum, it still remains the world’s second-largest coin, with a current price of $233 and a growth rate of 6.3% over the last 24 hours.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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