Bitcoin (BTC) price has been soaring past $11,635 over a weekend, an increase of approximately 12%. The rise began early Monday (5 August) morning, as the Chinese Yuan rate significantly dropped against the US Dollar, trading at 7 yuan per dollar for the first time in over a decade, according to a report by Cointelegraph.
According to CoinMarketCap, Bitcoin’s value now accounts for nearly 70% of the global crypto market, which has the total value at $207 billion.
The recent market activities have led crypto investors into believing that this bullish from Bitcoin will continue.
Daily trader Josh Rager was cited commenting about the short-term prospects, “The next overhead resistance on the weekly chart is $11,469. Very bullish if price breaks and closes above this level over the next week.”
According to Rager’s tweet, he gave a remark saying, “Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.”
Although Bitcoin is rising in price, other cryptocurrency prices are slowly increasing, failing to capitalize on market sentiment.
While BTC/USD showed a gain of 7.8% in just 24 hours, the largest altcoin Ether (ETH) could only reach $227 with a 3.9% increase. This number represented a breakout from a trading corridor between $200 and $223 where ETH/USD traded for more than a week.
Bitcoin’s rise is partly resulted from news of large firms like Facebook getting involved in the crypto space, with the social network giant having announced its plan for launching a cryptocurrency dubbed Libra back in June.
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