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Bitcoin Crosses $7,700 After Closing Sixth Successive Week in the Green

April 27, 2020 at 15:06 by Matt Jackson

Bitcoin continued its recovery over the weekend and closed out a sixth successive week in the green. It has posted modest gains over the past 24 hours, with the rest of the cryptocurrency market offering mixed results. Bitcoin and Ripple are the only two major coins to have added to their price in the past 24 hours, but the likes of Cardano, TRON, and Dogecoin have seen some positive movement.

Having crashed from $7,700 to $4,000 on March 12, amid the spread of the Coronavirus, Bitcoin prices have spent the last five weeks bouncing back, finally reaching their pre-pandemic levels at the end of last week and posting an 8.5% gain since last Monday and finishing a sweep of six successive weeks in the green. If the digital gold is to continue its fine run of form, it looks likely that it will have to break resistance at $8,000 and hopefully flip that level into support. Bitcoin is currently $500 higher than it started the year.

The Coronavirus pandemic is far from over, but many major markets seem to have come to terms with the new trading world, and cryptocurrency is among those markets. Prices have become less turbulent and gains have been steady for most major coins. Attention has turned away from the global health crisis, although one eye should remain on additional stimulus measurements and the global easing of lockdown, and has turned back to Bitcoin’s halving.

Halving events are built into Bitcoin’s underlying blockchain and occur every four years. Many investors attributed the major bull runs of 2013 and 2017 to the two previous halvings, when profits for miners are halved, effectively reducing the supply of the sought after asset. The next event is just over two weeks away at the current hashtag rate but while many commentators are expecting it to lead to significant price gains, there are those that believe the halving hype has already been accounted for in current Bitcoin prices.

Following recent gains, Tezos has fallen more than 5% in the past 24 hours to trade at $2.64. Having failed to reach the $4.00 mark, Chainlink prices have continued to slip, falling more than 6% in the past 24 hours and now trading at $3.54. Holders will be hoping that $3.50 resistance will hold and potentially cause a bounce back to $4 levels in the near future.

The standout cryptocurrency over the past 24 hours and the past week has been Cardano. Currently, the 13th largest coin by market capitalization, including stable coins, Cardano has added 3.1% to its price and is now changing hands at $0.04567. Cardano announced a new mainnet wallet release on April 23 and it has been increasing in value ever since. The wallet is different to other crypto wallets because it does not rely on external parties to validate transactions. Instead, it effectively downloads the entire blockchain and creates a full-node wallet. The wallet can be run on Windows, Mac, and Linux.

At 15:30, Bitcoin (BTC) prices had risen by 1.07% and the world’s largest cryptocurrency was trading at $7,732.26 while Ethereum (ETH) prices were down by 1.09% and changing hands $195.51, hoping to break the $200 resistance level in the coming days. Ripple (XRP) was up 0.6% and trading at $0.197 while Bitcoin Cash (BCH) and Bitcoin SV (BSV) were down 2.24% and 1.74% at $239.07 and $193.76 respectively.

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

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