- Bitcoin price was extended 4.85% up on early Monday after the bearish week for cryptocurrencies by market cap.
- Bitcoin value jumped above the $6,600 level against US Dollar. Further, it seems to move higher level in the approaching term.
Bitcoin, widely known for its price swings, was trading at $6,604.47 at the time of writing, according to the coinmarketcap. However, it is considered as its highest price in these recent days, since the price upsurged from its recent bottom near $5900 hit on June 24.
Remarkably, the early 2018 wasn’t that easy for cryptocurrencies that has been hitting a year low in market cap. The financial-technology research firm, Autonomous NEXT, guesstimated the recent market afflictions are due to ICOs and crypto-based fundraising mechanism.
The research group said,
“ICOs were the reason the crypto prices shot to the moon last year, and they are also (part of) the reason why we are now seeing a prolonged weak market”.
On the other side, the EU Parliament reports suggests that, central bank have nothing to worry about digital currencies. The report further explains that the Committee on Economic and Monetary Affairs (ECON) draw parallels between crypto assets and other forms of private money.
“They remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators. In particular, because of their anonymity and trans-border character,” experts concluded”.
The price analysis
Bitcoin reached its highest level in two weeks i.e., 4.5% to $6640. However, considering last week, BTC price were sustained below $6300 that gradually gave way to Friday’s lows below $5800.
Moreover, there is an increase in an altcoins that has put up the gains, with Bitcoin Cash (BCH) climbed 9.8% to $804 and Ethereum gaining 5.5% to $477.
In addition, Litecoin, EOS, Ripple XRP and Cardano ADA, respectively rose on two-digits percentage wise.