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Bitcoin Continues Surge to $8,000 While Ripple Also Shines

January 7, 2020 at 1:11 by Matt Jackson

Bitcoin has extended its gains made earlier today, adding more than $400 to its price. Having broken resistance at $7,600 at the third time of asking, the world’s largest cryptocurrency is now testing $8,000. Bitcoin is far from alone, with green showing across the cryptocurrency board. Ripple has seen some of the greatest gains, now having risen more than 13% against the dollar.

Bitcoin has enjoyed a strong couple of days. Having dipped below $7,000 on January 3rd, Bitcoin had risen to $7,500 in earlier trading on Monday. In the past 4 hours, Bitcoin prices have risen more than $300, or 4%, and the digital currency is now trading at $7,950; the first time it has traded at this level since November 21st. The most recent increase has coincided with heightened tensions between the USA and Iran. This has led to many analysts renewing their claim that Bitcoin is being used as a safe haven investment.

The rest of the cryptocurrency market has turned green, too. Ethereum, the second-largest cryptocurrency, by market capitalization, has posted similar gains of 6% in the past 24 hours. The most recent hard fork, called the Muir Glacier, saw Ethereum’s mining difficulty reduced, providing a 25% shorter block time.

Ripple has made the most significant gains of the biggest coins, however. Its prices had reached $0.214 earlier today and, like Bitcoin, posted further gains over the course of Monday. It is currently trading $0.22. Binance earlier announced that it had launched Ripple futures trading with 75x leverage. Further assisting Ripple’s cause was the news that Moneygram had seen a 70% year on year growth, just weeks after Ripple finalized its $50m investment in the money transfer service. Ripple also reported its own annual report, The report showed that the currency was accepted on 81 new exchanges and that 50 national banks had signed up to use the company’s RippleNet financial product.

At 01:00 GMT, Bitcoin (BTC) prices had risen 6.22% to trade at $7,883.58 while Ethereum was trading at $144.67, having seen its prices rise by 6.04%. Ripple (XRP) and Bitcoin Cash (BCH) saw increases of 13.37% and 9.25% to change hands at $0.222 and $245.78 respectively. Litecoin (LTC) saw modest gains of 5.07% and is now trading at $45.89.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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