Bitcoin’s price has climbed back above $8,000 for the first time in two months, data shows.
According to CoinDesk’s Bitcoin Price Index, the price of the world’s largest cryptocurrency by market capitalization has jumped by $200 in two hours on Wednesday and is changing hands at $8,015 as of press time, a level not seen since May 24.
Indeed, the price of bitcoin had been declining since May 24 and reached a new year-low at $5,785 on June 24, after which it regained momentum to climb above $8,000, reflecting a nearly 40 percent increase since its recent low.
Data from Bitfinex shows the trading volume of bitcoin has more than doubled on the same trading day, having increased from $4.9 million to $12.6 million within just four hours on the exchange.
That said, bitcoin price is still down nearly 53 percent from this year’s high above $17,000 seen in January.
Meanwhile, data shows that bitcoin’s market capitalization dominance has also increased significantly over the past two months.
According to CoinMarketCap, bitcoin accounted for 37 percent of the total cryptocurrency market capitalization in mid-May. Yet that data has increased to 47 percent as of press time, pushing bitcoin’s market capitalization dominance to a level not seen since late December.
Meanwhile, bitcoin is the only top 10 cryptocurrency by market capitalization that is seeing growth within the past 24 hours with other major cryptos all seeing a price decline by one to five percent, respectively.
Image via CoinDesk