Bitcoin Quickly Surges Over 15% in a Day From $34K to Nearly $40K

No, that quote is not from a recent Bitcoin price article, it is what the CEO of a small Bitcoin company said when asked about his feelings on the value of Bitcoin recently. When the CEO, Erik Vorhees, talks about Bitcoin and price, it is usually in the context of the daily price movement in percentage terms.

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Just like any other asset, cryptocurrencies are on the rise. Like the first and fifth installments of “The Fast and The Furious”, the cryptocurrency market has been experiencing a tremendous surge in its value. Bitcoin has demonstrated a massive spike in value from $34,000 to nearly $40,000 in just a few days.

When Bitcoin hit a low of $34,000 on December 4, 2017, it was the lowest point in its history. Since then, the digital currency has regained much of its value, surging nearly 15% in the past 24 hours, according to Coinmarketcap.com.

Bitcoin has been steadily recovering since mid-week, and it has now climbed to almost $40,000 in only a few hours. For the last two months, Bitcoin has been attempting to climb, and the price chart currently reflects the upward momentum.

Despite this, bitcoin’s start to the week seems to have been bleak. BTC, on the other hand, has taken five days to rise from around $30,000 to over $34,000 since mid-week. Bitcoin price movements were anticipated by certain experts, who projected that BTC will hit $36K by the end of the week.

Following encouraging remarks from Jack Dorsey and Elon Musk at the “B Word” conference, BTC has rebounded after being stuck in the dismal slope for a few months. Furthermore, Tesla CEO Elon Musk said that he may reintroduce BTC payment for vehicle purchases. 

BTC’s market price was $38,069 at the time of writing, up more than 10% from its previous high. As a result, according to Coinmarketcap, Bitcoin is the top gainer among the top 30 crypto-assets during the last 24 hours.

Significantly, Bitcoin’s rapid rise has drew the attention of several experts who are discussing BTC’s optimistic signal and price chart. Lark Davis, a well-known crypto specialist, recently tweeted that Bitcoin’s price had once again broken above its 50-day moving average.

Along with Bitcoin, Polkadot and Chainlink have also risen to the top of the 24-hour gainers list. Each increased by more than 10%, with Polkadot rising to almost 15% and Chainlink rising to 13%.

Dogecoin has been activated by Elon Musk.

The meme-currency experienced a little rise when Elon Musk tweeted on July 25 that a meme stating “Dogecoin is money.” Despite his post, Dogecoin was up almost 9% for the day, making it a single-digit gain.

Dogecoin is still in the top ten by market capitalization, according to Coinmarketcap. DOGE has risen to 14 percent in the last 24 hours as of this writing.

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Overall, ETH is one of the most popular cryptocurrencies on the market, but it still lacks growth and struggles to maintain an upward trend. When other cryptocurrencies are gaining massive amounts of money, Ethereum is only up 8% in the previous 24 hours. Because ETH is following in the footsteps of Bitcoin, it is anticipated to climb more in the coming days.

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To say that Bitcoin is surging is an understatement. Although the price of Bitcoin started the day at $34,000, it has quickly increased throughout the day to $37,000 by the end of the day. The price of Bitcoin has seen a massive jump in value in the past few weeks as it had been hovering at about $32,000 for the past few days. As of this writing, the price of Bitcoin is $36,000, making the price gain of $7,000 in a single day.. Read more about invest in bitcoin now and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • what is a bitcoin and how does it work?
  • what is the process of creating bitcoin popularly known as?
  • what type of currency is bitcoin?
  • how are bitcoins generated?
  • how many bitcoins will ever be created?

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