After several weeks of downward movements, the value of Bitcoin (BTC) is gradually gaining traction again. Right now, Bitcoin (BTC) is trading close to the $7k mark after an increase of more than eight percent over the past seven days.
Also, this is the first time the digital currency is testing this level since the 7th of August. The digital currency declined below the $7k mark at the beginning of this month. Since the beginning of this year, Bitcoin (BTC) has lost about 70 percent of its value as scandals, and bad news relating to the coin have piled up.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is valued at $6,915 after an increase of about three percent over the past twenty-four hours. The market cap of the digital currency has also increased to $119.12 billion and its trading volume over the past twenty-four hours is $4.21 billion.
Is This the Beginning of a Bull Run for Bitcoin (BTC)?
The considerable increase in the value of Bitcoin (BTC) has led prominent crypto experts and analysts to wonder whether this could be the beginning of a bull run for Bitcoin (BTC). CoinDesk cited the daily price volatility of Bitcoin (BTC) as a precursor to a bull run for the digital currency.
Other experts have also cited the rally that succeeded the bottoming out of Bitcoin (BTC) back in 2014 as proof of model for a similar price trend. Meanwhile, the trading volume and dominance of the digital currency have continued to increase.
Bitcoin (BTC) now accounts for 53.3 percent of the total trading volume in the digital currency markets. This is indeed a great news for the bulls of Bitcoin (BTC) as it indicates that traders are moving their funds from other digital currencies to the largest digital currency in the world by market cap – Bitcoin (BTC).