Bitcoin broke the $8000 mark, with the market exploding in exuberant joy. The coin is currently trading at $8021 after a bull run from $7763. The number 1 cryptocurrency also saw a bull run earlier this week which saw it break the $7000 limit as well.
The first significant price hike was seen on 17th July, where the coin broke free from the period of reduced volatility seen in the market. It was trading at $6700, and suddenly broke the $7000 limit and started trading at $7380.
The coin then saw a second rally soon after during the late hours of 18th July, where it briefly broke the $7500 mark. It quickly dipped down below the $7500 mark soon after.
The coin saw a drop down to the high $7300s on 23rd July but then proceeded on a steady hike. The price saw an overall upward movement over the next few days, with a gradual rise seen from $7600 to $7777.
The bull run that saw the coin break the $8000 mark started earlier today, while the coin was trading at $7770. It continued to trade above the $100 increments of limits and finally broke the $8000 mark at 5:35 AM UTC. While it fell down to $7945, it regained its position at $8000 soon after, with a spike seen up to $8024.
Proponents have been predicting a bull run for the last week, and many quoted the bearish cycle seen before as the bottom of the coin. The most conservative estimate for the bull run was by Thomas Lee of Fundstrat, who predicted a $20000+ price based on the trading value decided by mining cost.
The crypto community rejoiced about the coin cracking the $8000 mark. Reddit user ryffvy said:
“Ready for lambo and rate my portfolio posts”
User sneakybobo stated:
“I feel it’s the beginning of something big.”