Bitcoin Price Passes $7,500 Following Bullish Outbreak
On November 27th Bitcoin (BTC) stabilized above $7,500 following a surprise bullish reversal taking markets higher.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin holding on tight to gains
Data shows BTC come down slightly against the USD from Wednesday’s highs of $7,640 to trade just over $7,600.
The largest cryptocurrency by market cap suprised traders during the previous session, jumping from monthly lows of $6,900. A price point which caused traders to prepare for further drops.
Bitcoin seven-day price chart. Source: Coin360
Pressure had been building on Bitcoin after news that major South Korean exchange Upbit had suffered a hack in value of around $50 Million in ETH.
The fresh bullrun appeared to already have an impact on traders sentiment, with social media influencers changing their mood from shorting price decreases to creating long positions.
“Earlier this year, bitcoin went from $4,000 to $14,000 in less than three months. But one pullback, and everyone forgets,” one analyst commented on Bitcoin’s 2019 movements.
Despite recent price action, institutional investors continue piling into Bitcoin futures more than ever this week, with Bakkt continually setting new daily trading records.
Altcoins too are benefiting from BTC’s rise
Bitcoin’s 8% gains spread quickly around altcoin markets on Thursday, with many cryptocurrencies gaining around 5%.
Ether (ETH), the largest altcoin by market cap, was up 4.5% at press time, trading at $154.
Ether seven-day price chart. Source: Coin360
Others coins have performed even better, with EOS (EOS) gaining 6.5% and Tron (TRX) 9.4%. A long with Algorand (ALGO), which spiked around 25%.
