The price of Bitcoin has continued to trend upwards today. After breaking through $8,000 earlier today, Bitcoin's price has soared up higher, currently at $8,375.
The entire cryptocurrency market has followed, with nearly all top 100 coins in the green. Some coins are even outperforming Bitcoin, with Digibyte up 32% today and Bitcoin Diamond up 10%. Top ten coins are showing steady growth, with Ethereum (ETH) and XRP both up 7%.
Bitcoin volume has increased too. So far, Bitcoin has seen $46 billion in trading volume, according to CoinMarketCap, while previous days saw less than $36 billion in volume.
Crypto companies have jumped on Bitcoin's recent price spike. Crypto exchange Binance posted today that, "The dollar has fallen against Bitcoin again today. 1 USD is now only worth 0.00012 BTC." The exchange appears undaunted by the distributed denial of service attacks it suffered earlier today.
The price spike comes ahead of the Bitcoin halving. In two weeks, the supply of new Bitcoins mined will get cut in half. A market analyst has argued that the increased supply could result in a rally following it. Binance.US CEO Catherine Coley told Decrypt in an interview today that the halving, "could result in nothing, or could result in longer-tail adoption and a rally out of that."
With the latest Bitcoin price rally, prices are starting to return to pre-crash values. Bitcoin was hovering around the $9,000 mark before it fell to $4,500 on March 12 and 13. While the US economy has shrunk—Bitcoin's back on track.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.