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Bitcoin price (BTC/USD) rises to four-week high above $12,000

Benson Toti

The Bitcoin price (BTC/USD) has surged past the $12,000 mark on Tuesday, posting its first break above that mark in almost a month.

The original cryptocurrency enjoyed a strong session yesterday, as it managed to secure a decisive break above the $11,000 mark. The digital coin recaptured the $11,000 level in the opening hours of the session and then continued to advance toward the next major barrier. The coin rose to as high as $11,882.88, which was its highest price level since July 12, according to data from digital currency tracker Coinmarketcap. BTC eventually closed the session at $11,805.65, well above its opening price of $10,960.74.

While Bitcoin experienced a brief pause at the start of today’s session, when its price fell to as low as $11,614.72, it was able to resume its advance in more recent trading. Following another sharp increase, the coin broke through the $12,000 barrier, rising to a near four-week high of $12,225.82. While the coin has since pulled back to slightly lower levels, it has so far held above the $12,200 mark.

Some industry observers have suggested that the latest BTC resurgence has been triggered by the ongoing trade war between the US and China. Specifically, the recent weakness of the yuan against the USD is likely boosting demand for Bitcoin from Chinese investors.

“Given that Chinese investors make up a large proportion of crypto investors, there’s a strong possibility some are backing bitcoin’s chances against the yuan,” Simon Peters, an analyst at trading platform eToro, said yesterday in a client note, as quoted by CNBC.

In today’s trading, the Bitcoin price stood at $12,204.50, as of 10:17 BST. The digital currency has gained 4.1% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at almost $218 billion, which represents 68.6% of the combined value of all digital currencies.

Featured image: Who is Danny / Shutterstock.com

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