Aside from a brief price drop yesterday, bitcoin has continued its gradual price increase by exceeding $48,000. Most alternative coins are also in the green, with ETH leading the pack by surging 6% on the day and reclaiming $3,600.
Bitcoin Goes Over $48K
After the relatively stable weekend in which BTC stood around $46,000, enhanced volatility reached the market on Monday. Fake reports claiming that Walmart will accept Litecoin payments for its online services sent bitcoin up by $1,500 in minutes before it crumbled by $3,000 less than an hour later.
The impact of the fake news and the most recent Chinese FUD, though, was short-lived. The bulls came back to play and started driving the cryptocurrency north again.
As such, bitcoin begun to reclaim round-numbered price tags in the following days, leading to yesterday’s surge above $47,000. It kept climbing and even tapped $48,000 briefly before it was rejected and driven back down by around $1,000.
However, the bulls kept the pressure on and ultimately pushed BTC up to around $48,500, which became the highest price line since last Monday. As of now, bitcoin has lost a few hundred dollars, but its market capitalization stands above $900 billion.