Finally the $4,000 level breakthrough for bitcoin
For weeks now the price of bitcoin (BTC) has failed to rise above $4,000 but on Saturday February 23rd BTC finally broke through.
According to data on Coin Price Watch, as a recent article went to press BTC was trading at $4,133 up 3 percent over the day. The volume of trading is high at $8 billion during the last 24 hours. At least for the short term liquidity is returning to the market.
Many other cryptocoins also trending upwards
The second largest crypocoin by market value Ethereum (ETH) is now at $156.60 well above its technical resistance of $150. Ripple (XRP) is up 2.25 percent selling at $0.329 just under thirty cents. Most cryptocurrencies have gained 2 to 5 percent gains although a few are up by double digits. The entire market has rallied for the second weekend in a row.
Reasons for the move
Some have drawn attention to Elon Musk’s positive comments on bitcoin reported in a recent Digital Journal article. Others point to JP Morgan’s development of its own cryptocurrency also reported in a Digital Journal article. Or it could be a delayed reaction to positive news about the Lightning Network.
Technical signs have also been positive for cryptocurrencies. However, a few humorists joke about the move. Max Keiser insists Warren Buffet exposed himself as a fraud and charlatan who relies on tax-payer bailouts and accounting tricks. Apparently this has helped bitcoin and cryptocurrencies as safe havens!
Whale Panda, a well-known commentator referenced a tweet from CNBC Futures Now which noted that bitcoin had been trading within inches of the $4,000 mark but said there could be a breakdown ahead. Whale Panda notes that bitcoin regularly does the opposite to what CNBC Futures predicts.
Present Situation
Bitcoin opened 24 hours ago just below $4,000 at $3,935. Since then it has had a low of $3,912 but a high well over $4,000 at $4,132 according to CoinDesk data. Ethereum is up 6 percent at $155 and Ripple up two percent at $0.3239.
At 12:50 Central Standard Time BTC was trading at $4,083 still well above the $4,000 level and up over $150 dollars for the day. The present price of bitcoin can be found here.
