The bitcoin has experienced a positive trend to where the currency has experienced a daily increase for seven consecutive days from July 14-20. The development marks the first time since June 6, 2017 that the bitcoin has experienced seven straight days where its value increased. The streak is much longer than what has been experienced within the currency in recent time.
The bitcoin had been worth around $6,078 during its last week winning period. But the currency has grown in value of around $8,000 today, thus making the current winning streak more remarkable.
The bitcoin has experienced several drops in the past few months following worries about fraud, regulation, acceptance around parts of the world, and other recurring issues. The worries surrounding the bitcoin and how it is being used have caused the currency to become difficult for many people to predict. As a result, the currency has been unable to get a positive streak up and running.Advertisement
A basic analysis of the report has found that the bitcoin had gone up over three or four consecutive days at certain points in the year, but various significant drops have developed as well due to large-scale selloffs of the currency and concerns about the bitcoin’s development. No such events have happened in the past week, although the jumps in value have been minimal during that same time period.
The bitcoin had been trading at around $9,000 in April. But the currency had been on a regular downward trend during the past few months, going below the $6,000 mark for a few days earlier this year as changes come along.
The downward trend stopped for the most part in the middle part of June. The most significant jump in value came on July 17 when the bitcoin moved up by $600 in value during one trading period.
The trading volume surrounding the bitcoin has been consistent for much of the time period. The currency has been traded with a daily volume of about $5 billion.
The growth continues to allow the bitcoin to be the dominant cryptocurrency in the industry. About 45 percent of the overall market cap of the currency industry is covered by the bitcoin. The currency is also nearly three times the value of Ethereum, the closest currency in overall value. Bitcoin has a market cap of about $128 billion.
The bitcoin’s rise continues as the currency is aiming to reach the five-digit value mark once again. The currency has not been consistently over the $10,000 value since March.
The current value of the bitcoin is still an improvement over the value of the currency from a year ago. The currency had been at about $2,500 at this time a year ago.
The current run for the bitcoin has bucked the trend that other cryptocurrencies have experienced surrounding their values and how they are changing. Most other currencies have only experienced rises in four or five days in the week. Ethereum, XRP, Bitcoin Cash, and other currencies have been rising in value in the past week, but they had experienced some drops in value on Wednesday and Thursday.