The bitcoins bulls are raging again as the world’s numero uno digital asset has crossed the USD 12,000 barrier during the Asian trading session. It has resulted in a 4.4% gain for the asset in the last 24 hours. The weekend performance was a bit dismal as it hit an intraday low of USD 11,540 on Sunday. However, it regained its composure with the buyers pushing the asset to the highest level this week. Noted analysts have said that it is the highest candle BTC has achieved since Jan 2018. Experts expect that Bitcoin will enjoy the momentum for some time more. Experts agree that the price will keep on increasing in the week. A break above $12,118 is likely for BTC, and analysts agree that if the bitcoin does manage to surpass the $12,118 level, the next possible target should be $12, 325, which was achieved in August 2019.
2020 has been an excellent year for Bitcoin. It recovered brilliantly from a price crash in March and has managed to hold between $8500 to 9800 for almost three months. Bitcoin has never managed to sustain so close to $10,000 for such a length of time. On July 27, it breached the $10,000 mark, and it has never looked back since that time. Many experts believe that the world economic instability has helped to push the BTC in an upward direction. The economic turmoil worldwide has forced the people to reconsider the beliefs about their national currencies, which has led to the ascent of Bitcoin.
Elsewhere, Ethereum has retouched the USD 400 mark as it tries to follow the movements of the big brother – Bitcoin. Ethereum has achieved a 66% in return to the high of $400 level. It is the highest level achieved by Ethereum in the last two years. The total market for all the cryptocurrencies is valued at USD 364 billion, the highest since June 2019.