Crypto 101

Bitcoin Surges Past $6,000 for the First Time in Six Months

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BTC hits $6,000

Bitcoin, the leading crypto coin has risen above $6,000 for the first time in almost six months. Earlier today, BTC saw it its price go as high as $6,076. This price is the highest the coin has hit since November 14, last year.

As at the time of writing, BTC is trading at $6,096, according to data from Coinmarketcap. The coin gained 3.41% over the past 24 hours to record this price.

bitcoin 6k+

Bitcoin’s Market Cap Swells

Bitcoin’s market cap accounts for more than 50% of the entire crypto market cap. In another first since November last year, the coin’s market cap has surged past $100 billion. The last 24 hours have accounted for $1.45 billion, which is equivalent to approximately 1.39%. The market cap currently sits at $107 billion.

According to a report, BTC’s dominance in the crypto market has also increased. The number one crypto currently reigns supreme, accounting for 56.8% of the crypto market’s cap. This is BTC’s highest level of dominance since September 13, last year.

BTC’s Volume Spike Spurs Gains in Altcoins

Data from Messari.io, a site that deals with crypto news, pricing, and research indicates a big leap in BTC’s daily trading volume. According to the data, BTC’s volume today rose above $15.5 billion. However, its “Real 10” volume shows the more precise 24 -hour volume is approximately $502 million. The Real 10 is a metric that uses data from the only 10 crypto exchanges that report true volume figures.

When BTC gains or plunges, other coins follow suit. Things are not different today. Most of the altcoins in the top 100 list of the biggest coins are green. Their gains are ranging between 0.05% to 15.74%. These gains have seen the crypto market add around $5.4 billion to its total capitalization to reach $188 billion.

Bitcoin Advocate Believes BTC will Find Resistance at $6,000

Following BTC’s gains, Michael Novogratz, a renowned BTC bull went on an interview to air his views on the crypto market. He spoke about the different issues affecting the crypto space and the future of the ecosystem. He noted that BTC breaching past $6,000 is important for the sector. However, he believes that BTC would struggle to move past this level.

In a bullish sentiment, he said BTC would soar higher after it overcomes the resistance at $6,000. Novogratz went on to declare that BTC had won the bucket of “store of value.” According to him, this fact sets BTC apart from other altcoins, which have to prove their use cases. He went on to state that BTC cannot serve as a currency as it is digital gold.

Do you think BTC will continue trending higher after surging past $6,000? Let us know in the comments below.

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