The price of bitcoin rose to $ 11,394 and the increase in volume shows that the bulls are planning to push the price even higher.
Over the past few hours, the price of Bitcoin (BTC) broke above $ 11,000 in a high volume rally that saw the price hit a new 2020 high of $ 11,394.
At this point, the price has dropped slightly towards the $ 10,988 range, but the buying volume continues to increase in the 1 hour range. This suggests that the number one digital asset on CoinMarketCap could take another step towards daily highs.
On-chain activity has seen a significant increase in foreign exchange inflows as the price of Bitcoin has soared above $ 10,000 and Bloomberg analysts now estimate that the price of Bitcoin will rise above $ 12,000 this year.
The price of Ether (ETH) also rose above its previous highs, climbing to $ 333.52, but at this point the altcoin top dropped below $ 320.
According to CoinMarketCap, the total market capitalization of cryptocurrencies is currently $ 326.7 billion. Bitcoin’s dominance is currently at 63.1%.
What do you think will be the next move in the market and if the increase in the price of bitcoin will affect the prices of other altcoins, comment below!
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