Update: The price of Bitcoin just hit $700
Obviously, the first information we need to provide regarding the Bitcoin today is the fact that it breached $600 over the weekend and now it seems more than probable that the cryptocurrency will go over the $700 threshold as well. Last time we wrote about the Bitcoin its price was settled right under $580 and there were indications that its value was going to improve in the days to come. Nonetheless, such a sharp surge, we can safely say, wasn’t really expected.
Naturally, global media didn’t fail to notice this drastic change and address it. Even though the mass shooting that took place in Orlando, Florida where 50 people were killed is a hot topic while everyone’s still looking for answers about the shooter and his motives, magazines focused on economy paid their respect to the rising Bitcoin.
Mining Rewards Halving Seen as Main Reason for Price Surge
The news that the rewards from mining Bitcoin are going to be halved in July already hit the public. As we all know by now, such an event will cause the supply of the currency to shrink, which will result in growth of the Bitcoin’s value. The effect is already noticeable with the price of the Bitcoin getting closer to $700 with each passing minute. Bloomberg has already pointed out the supply surge as the main reason for the upwards movement of the world’s most popular cryptocurrency.
Aljazeera dedicated a whole article on the Bitcoin under the amusing title “The Rise and rise of Bitcoin,” educating its readers on the story behind the fan favourite currency. On the other hand, the reputable RT portal focused on the price change citing OKCoin that in the past 12 months the value per coin went up for incredible 225%. Believe it or not, the Bitcoin now has a market cap of over 10$ billion, which places it above Twitter’s $9.77 billion.
It’s a Question of Time when the $700 Mark Will be Hit
With a current trading price of $692.91 that constantly moves up and technical indicators that send a strong buy signal, we can say that it’s only a matter of time when the $700 mark will be hit. It seems that the Bitcoin at this particular moment has the power to grow for several dollars more and reach yet another milestone.
Looking at the price chart, you can easily notice the positive trend of growing. Yesterday afternoon the price was $623.58 only in order to reach $657.69 by midnight. The value improvement has continued ever since and an hour ago the Bitcoin was settled at $686.81. Just for the record, the $600 mark was reached early morning yesterday when the Bitcoin jumped from a trading price of only $578.47.
With the latest price movements the market cap grew drastically too, leaving $9 billion behind and going over $10 billion; its current value is $10,867,428,614. The volume is soaring as well with a value of incredible $245,559,000; this number perfectly reflects the predictions of the indicators and the averages that the price will continue to grow.
Talking about indicators and averages, the majority sends a strong buy signal meaning traders should invest in the cryptocurrency. There are, however, four neutral indicators (RSI, STOCHRSI, Williams %R and CCI) that warn of signs of the Bitcoin being overbought. Nonetheless, considering the supply is about to surge, this shouldn’t be a problem when it comes to the relation between the demand and the price.pdste