Bitcoin (BTC) crossed the $13,000 mark on Saturday, the first time since Jan. 2018, according to CoinMarketCap data.
What Happened: The apex cryptocurrency has risen 14.85% over the last seven days as of press time, CMC data suggests.
There was a brief upsurge in Bitcoin prices in late June and early July 2019, when the cryptocurrency traded above the $13,000 level, CoinDesk reported.
The cryptocurrency market surged over the weekend, but the market saw a correction late Sunday and early Monday. Nevertheless, BTC continued to tread above the psychological $13,000 mark.
Bitcoin traded at $13,101.56, lower by 1.33% at press time. Ethereum (ETH), the second-largest cryptocurrency by market valuation, was down 2.18% at $406.57. Among other major cryptocurrencies, XRP (XRP) was down about 0.3% at $0.26. Bitcoin hard fork Bitcoin Cash (BCH) was down 1.47% at $269.96.
A Bloomberg Intelligence report in July pinned $13,000 as a breakout target for Bitcoin, dubbing it a “caged bull.”
Why It Matters: The world’s apex cryptocurrency hitting the key benchmark followed a flurry over the course of the last week.
That announcement led to a sense of “vindication” in the Bitcoin community, with some like Social Capital CEO Chamath Palihapitiya suggesting the move could fuel further adoption by banks.
Barry Silbert, CEO of Grayscale, said that the investment firm added $300 million in a single day last Thursday to its assets under management.
Grayscale Bitcoin Trust (OTC: GBTC) AUM rose to $6.03 billion, the same day.
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