The price of Bitcoin has risen above the $7,000 mark again this week. But it has lasted longer this time.
On April 2, the price of Bitcoin shot up $650 to breach the psychological barrier but it was short-lived. The price fell back down to settle around $6,800.
But since midnight UTC time, the price of Bitcoin has slowly been ticking back up. As you can see on this chart from Trading View, the price broke $7,000 at 6.30AM UTC and then continued to rise. The current price of Bitcoin is now $7,120.
At current prices, Bitcoin is now down just 20% from pre-crash values of $9,000. It is up 50% from the low of $4,800 seen during the market crash.
Bitcoin's market dominance–expressed as Bitcoin's market cap as a percentage of the total crypto market cap– continues to rise. It is up from 62% in February to its current value of 65%.
While the prices are up–and BTC's hash rate has remained flat for most of the last month–the network is continuing to operate smoothly. Last week, around 100,000 Bitcoin—worth around $633 million at the time of the transaction—was moved for a mere $0.26 in fees.
Other cryptocurrencies are also in the green today too. The price of Ethereum (ETH) is up seven percent while XRP is up five percent. Zilliqa (ZIL) and Stellar (XLM) are leading the way, up 15% and 12% respectively.
Steem's price went the other way over the weekend, losing 1%—likely on news that Tron CEO Justin Sun froze $3 million in coins on the platform. The community has largely moved onto an alternative platform, called Hive.
Tron (TRX) is up 10% even though the Tron Foundation was one of the companies named in a series of class-action lawsuits on Friday. Similarly, while Block.one—which built EOS—was also named, the cryptocurrency was up six percent. It appears the markets are not worried about the ticking time bomb headed their way.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
